It has been only a few years since the economy around the world has collapsed because of the real estate crisis. Especially the US real estate market, but also the real estate market in Great Britain, the mercado para los inmuebles in Spain or the Markt für Immobilien in Germany had a lot of problems. House owners could not longer pay the loans for their property, and because other interested buyers did not receive any loans they could not buy new properties. Prices of real estate property went down and sent down other markets for example for stocks and equity. This was the beginning of the world wide financial crisis.
In Germany the real estate crisis in the private sector did not have as severe consequences as in the United States. German Immobilien were not charged with loans as much as real estate in the United States so that the number of people who had to sell their Immobilien in Germany was limited.
But there were also strong influences of the real estate crisis in Germany. For a lot of years , Immobilien have count as an investment of very high reliability. This trust was lost. The own Immolilien still were a good investment, but the investment in funds for Immobilien had some bad years. Investors sold many shares of such funds of Immobilien so that the funds could not pay back their remaining investors. Their illiquidity was followed by the closing of such funds. Investors could not give back shares, and if they found a buyer for their shares then only to a very small price. So Investors had a huge loss, and nobody would buy new shares. Today after years there are still closed funds with millions of investors who wait for their money.
What should we learn from the Immobilienkrise, the crisis of the real estate market in Germany? It still is necessary to lend money only with a realistic guarantee. Lending only with the hope of a better future, as it is expressed in lending more than hundred percent of the value of the property will not come back. People who buy Immobilien without enough own resources will not only lose their houses but will have an additional loss on money. This is not a good thing. For such people it still is better to rent an accomodation than to buy a real estate with too big loans.