Today, banking accounts for the largest share of the Luxembourg economy, estimated by net worth and turnover. Already in 2017, according to the data of the Global Financial Centers Index, Luxembourg was ranked as the 18th most competitive financial center in the world and at the same time ranked third in the level of competition among banks in the European Union. Luxembourg has a narrow specialization in the cross-border financial management industry. Since Luxembourg's internal market is quite small, the country's financial center is predominantly internationally oriented.
Today there are a total of 144 banks in Luxembourg. Over 120 of them are actually branches and subsidiaries of international banks. The Luxembourg financial sector is currently one of the largest contributors to the domestic economy. The total net worth of Luxembourg banks is roughly estimated at almost 760 billion euros. Luxembourg is also the second largest global investment hub after the US.
Below is an overview of the top 6 largest commercial banks in Luxembourg.
Deutsche Bank Luxembourg S.A. Total volume of assets in year 2015: ~ €80,023,000,000
Annual total profit in year 2015: ~ €289,000,000
One of the biggest German banks - Deutsche Bank has successfully established a subsidiary bank on the territory of Luxembourg back in year 1970. Back in the days it was one of the first foreign subsidiary banks in the post-World War II period. Deutsche Bank Luxembourg was one of the original financial institutions which were incorporated in the state. Today Deutsche Bank Luxembourg S.A. provides wealth management services to wealthy private individuals and clients, issues international loans as well as provides agency services, corporate and investment related banking services, and retail investment services.
CACEIS Bank Luxembourg Total volume of assets in year 2015: ~ €46,082,000,000
Annual total profit in year 2015: ~ €84,000,000
CACEIS originates from France. It specializes in fund management. CACEIS is a part of Credit Agricole Group - a French banking cooperative comprised of 39 smaller local banks. The bank was established in year 2003 and today one of the biggest financial institutions in the country. CACEIS provides wide range of services, including different kinds of deposits and custody related services, wealth management, transfer agency, as well as institutional and corporate banking services.
Banque et Caisse d'Epargne de l'Etat (BCEE) Total volume of assets in year 2015: ~ €42,797,000,000
Annual total profit in year 2015: ~ €230,000,000
The Banque et Caisse d'Épargne de l'État (also known as BCEE) currently is the biggest domestic financial institution in Luxembourg. Better known as Spuerkeess in local language, it was established in year 1856 and since then is fully owned by the state of Luxembourg. The bank provides wide range of commercial and corporate banking services, including fund management, project investment, and narrow specialized private banking. Bank's long term credit rating according to Moody's is Aa2, which is a high grade.
Société Générale Bank & Trust Total volume of assets in year 2015: ~ €36,399,000,000
Annual total profit in year 2015: ~ €406,000,000
Societe Generale Bank & Trust is one of the oldest international financial institutions based in Luxembourg. It was originally established as a branch bank of Société Générale Alsacienne de Banque (also known as OGENAL). In the past well known as Luxbanque Société Luxembourgeoise de Banque S.A., the bank had changed its name to Société Générale Bank & Trust S.A. back in year 1995. Societe Generale Bank & Trust currently provides a great variety of banking services and products, including wealth management, securities trading and fund management, provision of corporate financing services both in Europe and globally.
BGL BNP Paribas Total volume of assets in year 2015: ~ €32,969,000,000
Annual total profit in year 2015: ~ €152,000,000
Banque Générale du Luxembourg (also known as BGL) was incorporated back in year 1919 as a local bank. In year 2009, BGL became a part of the international BNP Paribas Group. Today Banque Générale du Luxembourg offers banking products mostly in retail banking, individual wealth management, as well as corporate and institutional investment banking and fund management. BGL BNP Paribas' long term credit rating according to Moody's is A1, which is upper medium grade.
UniCredit Luxembourg S.A. Total volume of assets in year 2015: ~ €19,728,000,000
Annual total profit in year 2015: ~ €64,000,000
UniCredit Bank historically was one of the first international financial institutions to operate on the territory Luxembourg. The bank is a part of UniCredit Group, which was established by a merger of several banks from Italy, Germany, and Austria, in addition to acquisitions in Central and Eastern Europe. Currently UniCredit Group runs several branches and subsidiaries in almost 50 countries of the world. The bank provides wealth management and corporate banking services and had been granted a long-term credit rating of A3, upper medium grade, according to Moody's.
In terms of political and civil liberties, Cuba ranks 3rd. Citizens in Cuba experience little to no civil liberties and political rights. Citizens are not free to express themselves and enjoy neither political freedom nor representative government. Countries with this political situation are dangerous for investment as an authoritarian government may have over-control over economic affairs. The companies of Cuba are 5 in terms of economic freedom. Citizens in Cuba are not considered free in their economic decisions. The government prohibits citizens from all economic activities, and some illegal business activities are punishable by imprisonment or even death. Investors should avoid countries that are not economically free as the risks do not justify any potential gain. In terms of journalistic freedom, Cuba's media is in a 5. In Cuba, journalists face a very serious situation. Censorship rules all publications and the government controls most of the media. Journalists who express opinions against the government can be punished with fines, imprisonment or death.
The total population of Hungary is 9,688,847 people. The people of Hungary speak the Hungarian language. The linguistic diversity of Hungary is almost homogeneous according to a fractionation scale, which is 0.0297 for Hungarian. The average age is around 41.1 years. Life expectancy in Hungary is 75. Female birth rate in Hungary is 1.4. About 28% of the Hungarian population is obese. Ethnic diversity is nearly uniform according to a fractionation scale, which is 0.1522 for Hungary. Details of the language, religion, age, gender distribution and advancement of the people of Hungary can be found in the sections below, as well as the section on education in the country.
Population In Hungary, the population density is 106 people per square kilometer (276 per square mile). Based on these statistics, this country is considered densely populated. The total population of Hungary is 9,688,847 people. Hungary has approximately 449,632 foreign immigrants. Immigrants in Hungary make up 0.3 percent of the total number of immigrants worldwide. Immigrants in Hungary make up 4.7 percent of the total number of immigrants worldwide. The ethnic diversity of Hungary is nearly uniform according to a fractionation scale based on ethnicity. Ethnic Fractionation (EF) deals with the number, size, socioeconomic distribution, and geographic location of diverse cultural groups, usually within a state or some other demarcated area. Specific cultural characteristics can refer to language, skin color, religion, ethnicity, customs and traditions, history, or other distinctive criteria, alone or in combination. These characteristics are often used for social exclusion and power monopolization. The index of ethnic fractionation in Hungary is 0.1522. This means that the people living in Hungary come from a narrow group of ethnic groups that are all related to each other. EF is usually measured as 1 minus the Herfindahl concentration index of ethnolinguistic group proportions, which reflects the probability that two randomly drawn individuals from the population belong to different groups. The theoretical maximum of EF of 1 means that each person belongs to a different group. Read below Hungary's statistics on median age and gender distribution at different ages.
Age The average age is around 41.1 years. The average age of men is 39.1 years and the average age of women is 43.5 years.
Gender The sex ratio, or the number of males for every female (estimated at birth) is 1.057. It can be further broken down into the following categories: sex ratio below 15 - 1.06; sex ratio from 15 to 64 - 0.98; sex ratio over 64 - 0.57; Overall sex ratio - 0.91. The overall sex ratio differs from the sex ratio estimated at birth. This is because some newborns are included in the sex ratio estimated at birth, but die within the first few weeks of life and are not included in the overall sex ratio.
Germany is a social market economy with a large capital stock, a highly qualified workforce, a high level of innovation and low levels of corruption. It is the largest economy in Europe and the fourth largest nation in the world in terms of nominal GDP. In addition to the intelligent economy and productive market structure, Germany also offers investment opportunities in its real estate segment.
What influences the German real estate market? The volatility of the real estate market can be explained by numerous macroeconomic and social factors in the country. Due to the zero interest rate policy of the European Central Bank, mortgage interest rates remain at record lows and offer historically favorable financing conditions. In addition, the quantitative easing (QE) policy being pursued by the ECB is leading to higher liquidity, increasing investment pressure as investors seek potential investment opportunities with above-average returns in relatively safe sectors. QE is also weakening the euro, making the German real estate market even more attractive to investors from outside the eurozone.
New projects and construction activities lag far behind the growing demand, which leads to rising property prices. The German Property Index (GPI), which measures the return on all real estate investments in Germany, reached 14.7% in 2016, a record level since German reunification. The demand for high-quality real estate is increasing due to the demographic and overall economic development in Germany – ongoing urbanization and growing metropolitan areas. Germany is experiencing a positive reversal in birth rates and other demographic factors. The birth rate rose from 1.39 to 1.50 per woman between 2011 and 2015. In addition, Germany has a persistent migration surplus, which can partially compensate for the demographic imbalance.
Commercial real estate, especially office space, is also in high demand due to record employment and the low unemployment rate, and is also benefiting from increasing purchasing power and high consumer spending. Logistic and warehouse real estate is crucial for growing businesses and therefore in high demand due to the increase in wholesale and retail trade. Below you will find an overview of the most important sectors of the German real estate market.
Residential real estate The residential real estate market was able to recover from the financial crisis and market stagnation in the years after 2009. Residential property construction projects have risen steadily in recent years, resulting in around 277,000 completed residential units in 2016. 2015 Residential real estate With a total investment of EUR 170 billion, 60% of the total construction volume in Germany went into construction. Despite a significant increase in building permits issued (375,400 permits issued in 2016) and a record level of completed projects, demand still significantly exceeds the volume of completed residential projects.
Future prospects call for applications for new building permits to increase to 272,000 units per year by 2020 and further slow down to 230,000 units per year by 2030. Meanwhile, the number of residential properties could increase to 380,000 units in the short term due to increasing immigration.
However, the demand for residential real estate differs greatly from region to region. In some regions, the gap between demand and supply could close soon, especially in eastern Germany. In some regions, especially in prosperous metropolitan areas, the available housing units will remain very scarce.
Along with the insufficient supply, the asking rents have risen accordingly. In large cities in particular, the trend towards rising rents is quite dynamic. For example, the annual growth rate of residential rents in Germany has been around 1.7% since 2004. In the meantime, rents in Berlin and Munich have risen by 3.9% and 3.5% annually, respectively. Both cities recorded an annual growth in purchase prices of 6% in this real estate sector.
Office properties Similar to residential real estate, the office real estate market is in good and future-oriented shape, mainly due to a positive migration balance and historically low unemployment rates. In 2016, around 3.9 million square meters of office space was let in the top 7 cities in Germany. This indicates a growth of 12% in comparison to the previous period. A particularly dynamic development was observed in Frankfurt, Cologne and Stuttgart with growth rates ranging between 25% and 48.4%. Meanwhile, Hamburg, Dusseldorf, Munich and Berlin have experienced a cool-down in floor-space turnover in comparison to previous years.
The overall vacancy rate of office properties has decreased due to several factors: a dynamic demand, a slow expansion of floor space and high pre-letting rates. Across the top 7 cities mentioned above, the vacancy rate decreased by 0.7% points to 4.9%. In the top 7 real estate locations in Germany, the prime office rents range between 21 EUR/m2 and 37.50 EUR/m2 giving an attractive potential for investment return. This especially applies to Berlin, where rents have increased by more than 17% in comparison to 2015 reaching 28.7 EUR/m2. Currently, the highest office rents are in Frankfurt and Munich (37.50 EUR/m2 and 35 EUR/m2 accordingly).
Local investors retain the dominant market position accounting for around 60% of the total transaction activity in office property market. Meanwhile, foreign investors account for approximately two fifths (or 20.9 billion EUR) of the transaction volume.
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04.02.2023 16:45