In early April, Germany lived up to its reputation as one of the most boring (read: stable) markets in Europe. While the UK and Ireland saw their All Property Capital Values plunge in 2008 by 35% and 27% respectively, the All Property Capital value for Germany fell only 1.4% over the period, according to figures issued by IPD. At Mipim, Daniel Piazolo, managing director of IPD Germany, predicted that Germany would not see such a sharp fall as its Angle Saxon counterparts. 'We never had a big party, so we won't have a big hangover,' he said.
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