来源：市场资讯 （来源：DOLC） 德国各城市房产税改后差距拉大：部分城市一年贵数百欧元 自今年1月起生效的德国新房产税改革引发了房产业主组织 Haus & Grund 的强烈批评。该协会表示，改革导致各地房产税金额差异巨大，形成了"割裂的 拼接式政策"，许多城市甚至借此机会大幅提高税额。不过，也有部分地区的税额有所下降。IW Consult（德国经济研究所的子公司）对德国100个最大城 市进行分析后发现： • 萨克森州的茨维考（Zwickau）是大城市中最便宜的，每年仅需 258 欧元（以示例住宅计算）。 • 最昂贵的城市则集中在巴登-符腾 堡州：蒂宾根（Tübingen）、曼海姆、海德堡、斯图加特、卡尔斯鲁厄等，蒂宾根的房产税高达每年 1377 欧元。联邦州之间差异同样明显在萨克森-安哈 尔特州的样本城市中，独栋住宅平均每年缴税 305 欧元；而在柏林则高达 850 欧元。导致这种差距的背景是：德国约 3600 万块土地和房产因旧的"统一评 估值"制度过时，被宪法法院在 2018 年判定无效。新房产税改革随之在 2025 年全面实施，各州采用了不同的计税模型，造成巨大差异。不同模型带来不 同结果目前 5 ...

Group 1 - The core viewpoint of the article indicates that the UK housing rental growth has slowed to its lowest level in four years, with property listing prices experiencing their first year-on-year decline in over a year and a half [1][2] - According to Rightmove, the average listing price of homes in the UK decreased by 0.1% compared to the same period last year, marking the first year-on-year drop since January 2024 [1] - The rental market shows an average rental increase of only 2.4% year-on-year, the lowest growth rate in four years, with the current average monthly rent around £1300 [1][2] Group 2 - The slowdown in the housing market is attributed to policy uncertainties and weak economic growth, impacting market confidence [1][2] - The upcoming government budget announcement in November is anticipated to address potential property tax reforms, which is a point of concern for the market [2] - Economic data indicates that the UK experienced stagnation in economic growth in July, with the central bank expected to maintain interest rates at 4% until at least spring 2026 [2]

Group 1: Macro Economic Environment and Policy Risks - The Chinese real estate market is experiencing significant changes, with a 2.7% year-on-year decline in national housing prices in Q1 2025, influenced by macro policies, financial environment, and demographic factors [2] - Potential tightening of credit policies is anticipated, with interest rates possibly increasing by 0.5-0.75 percentage points between 2026-2027, leading to higher monthly repayments and total interest costs for homebuyers [4] - The nationwide rollout of property tax is expected, with significant tax burdens for homeowners in major cities, potentially impacting multiple property owners [4] Group 2: Population Structure Changes and Regional Disparities - A report indicates that 217 out of 331 prefecture-level cities are experiencing net population outflows, with third and fourth-tier cities seeing a 5.8% outflow rate, while first-tier cities have a concentration rate of 19.3% [6] - The decline in population in certain areas is leading to rapid depreciation in property values, with some third-tier cities experiencing price drops of up to 17% in 2024 [6] Group 3: Hidden Risks of Properties - A survey reveals that 33.5% of residential communities are aged 15-20 years, facing aging issues and high maintenance costs, averaging between 30,000 to 50,000 yuan per household [7] - Property management fees have increased by an average of 9.7% in the first half of 2025, with further increases expected in the next three years [7] Group 4: Liquidity Risks and Market Activity - The average time from listing to sale for second-hand homes has extended to 138 days in Q1 2025, an increase of 41 days compared to the same period in 2023, with some third and fourth-tier cities experiencing zero transactions [9] - Non-core and non-quality properties may face significant challenges in selling, leading to liquidity risks for investors [9] Group 5: Land Finance and Supporting Facilities - National land transfer revenue decreased by 21.3% in the first half of 2025, resulting in a reduced reliance on land finance by local governments, affecting the construction of supporting facilities in over 2,300 new communities [10] Group 6: Energy Transition and Environmental Policies - From 2027, all residential communities will be subject to energy consumption limits, with non-compliant buildings facing additional energy costs, projected to rise by 15-20% [12] - Carbon trading will extend to community levels starting in 2026, increasing the cost burden for owners of older properties [12] Group 7: Urban Planning Adjustments and Regional Value Reassessment - 27 out of 40 key cities are revising their urban master plans between 2024-2025, which may lead to a reassessment of regional values and potential price declines of up to 20% in currently popular areas [12] Group 8: Developer Commitments and Market Risks - Some developers are offering buyback guarantees to stimulate sales, but over 60 developers are unable to fulfill these commitments due to financial issues, raising concerns about the reliability of such promises [12] Group 9: Inflation Expectations and Actual Property Value - Predictions indicate a cumulative inflation rate of 8% from 2025-2027, while housing price increases are expected to be below 5%, leading to a potential depreciation in actual property value [13]