The country’s biggest real estate developers are facing the prospect of having to sell their properties in Europe if they want to continue operating in the bloc, according to a German newspaper.
The Financial Times reports that the biggest developers of new homes in Germany will be forced into a “transitional period” in the wake of the country’s decision to leave the bloc.
The move follows a week in which Germany’s financial services industry was hit by a global financial crisis that saw some of its biggest companies shutter their operations in the country.
The country’s financial sector, which accounts for a quarter of the economy, is expected to be the biggest hit by the move, as many of the companies that had planned to expand their business operations in Germany have now shut down, the Financial Times reported.
Germany is the largest market for new construction in Europe, and the country is home to many of Germany’s most iconic landmarks, including the Brandenburg Gate and the Brandenberg Palace.
But the Financial Journal says that the German housing market has not been the same since the crisis, with the number of new apartments in the nation dropping from 1,923,000 in March 2018 to 1,062,000 last month.
The newspaper says that in recent months, new construction has been slow, and that this may mean that more people are looking to buy a home in the state.