Property experts seemed to reinforce the positive sentiment and were breathing optimism. Was it the bright, warm and sunny weather we experienced at least on day one in Munich which influenced the positive investor sentiment? Or the very positive German economic indicators which spilled over from German players to the other countries’ representatives? “Ready to go” was much more the theme at EXPO. While there seem to be enough equity ready to invest in real estate, investors also complained about the lack of (good) product. More and more investors are starting to consider value add opportunities particularly in the core Continental European markets.

Another impression from EXPO was that the “Germans are not alone  anymore”. After almost two years a market dominated by domestic investors is seeing foreign money coming back to Germany. Given the subdued returns outlook in the German major markets in comparison to other European centres it’s quite a surprise, but lower risk perception seems to pave the way.

More clarity about the future of German open ended fund regulations has also helped to positively influence the general investor sentiment. The new financial investment law will not help the closed funds immediately, however as major players in the global markets their time of uncertainty has come to an end.

So overall there are some common themes here; caution, realism, but also it seems the beginnings of renewed confidence especially from those returning from Munich.