STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBy Tom Sims and John O'Donnell
A sharp rise in rates, and soaring energy and building costs, put an end to the run. That has tipped a string of developers into insolvency, frozen deals and pushed prices down, prompting the industry to appeal to Chancellor Olaf Scholz for help. The health of Germany's property sector - Europe's biggest property investment market outside of Britain - is critical, making up roughly a fifth of output and providing one in 10 jobs. New building during the first half of the year nearly halved from the past two years.
The penthouse made the cover of Germany's Architectural Digest, and the couple hosted"bunker acoustic sessions", with video clips posted to Loya's Facebook page. In late July, Euroboden called a meeting to ask investors to restructure 92 million euros in outstanding bonds, but after they balked at the new conditions, the company cancelled the meeting days later and filed for insolvency.