CAPTION: According to a new study, real estate in German cities is getting more expensive.(picture alliance/LotharFerstl/dpa/archive)
The rising costs of real estate in German cities have started to deter international investors, according to an analysis published Monday by consultants PwC.
Some 65 billion euros (74 billion dollars) was spent by non-German buyers on apartments and houses in the past 12 months - a drop of 3 billion compared to the same period a year before.
German cities are seen as a safe investment thanks to the country's political and economic stability, according to PwC. "But Berlin, Frankfurt, Hamburg and Munich are seen by many investors as inflated," the analysis added.
PwC said there were too few property assets available in Germany for investors' tastes, and they were too expensive.
Pipping Germany to the post of Europe's favourite foreign property investment location was Britain. Despite fears surrounding its looming departure from the European Union, some 68 billion euros were spent there, PwC found.
Frankfurt, which is hoping to attract bankers leaving London due to Brexit, has seen a 14-per-cent boost in investments. It netted 8 billion euros, on par with Paris and Berlin.
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