Tuesday, November 23, 2010

German properties | Properties Germany | Property Investment

Demonstrations

With 4.2 million people, Saxony sits in an eastern nook of Germany, with the Czech Republic to the south and Poland to the east. Twenty years after reunification, about 6,000 companies have invested 27 billion euros ($37 billion) in the state, which is smaller than New Jersey.

East Germany’s anti-communist mass protests had their genesis in the Saxon city of Leipzig in 1989, paving the way for demonstrations that swept the hard-line state before it imploded that year. As a result, Saxon voters have not elected any former East German communist to power as part of any coalition government.

The local government has taken market-friendly steps that would be unthinkable in other parts of Germany. In 2006, for example, Dresden’s municipal government sold 48,000 apartments to U.S. buyout firm Fortress Investment Group LLC for 1.75 billion euros.

This was a year after Franz Muentefering, then leader of the Social Democratic Party, compared such investors to the biblical plague of locusts that descended on Egypt.

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