{"id":83616,"date":"2025-07-16T00:20:17","date_gmt":"2025-07-15T22:20:17","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=83616"},"modified":"2025-07-15T13:02:52","modified_gmt":"2025-07-15T11:02:52","slug":"praskne-nemecka-realitni-bublina","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2025\/07\/16\/praskne-nemecka-realitni-bublina\/","title":{"rendered":"Praskne n\u011bmeck\u00e1 realitn\u00ed bublina?"},"content":{"rendered":"<div id=\"fb-root\"><\/div>\n<p><strong><span>N\u011bmeck\u00fd realitn\u00ed pr\u016fmysl sm\u011b\u0159uje k historick\u00e9 implozi \u2013 s miliardov\u00fdmi ztr\u00e1tami, bankovn\u00edmi ot\u0159esy a soci\u00e1ln\u00edm dynamitem. Star\u00e9 \u00fav\u011bry propadaj\u00ed a mus\u00ed b\u00fdt refinancov\u00e1ny \u2013 za v\u00fdrazn\u011b hor\u0161\u00edch podm\u00ednek. To by mohlo dokonce p\u0159ekonat finan\u010dn\u00ed krizi z let 2008\/2009.<\/span><\/strong><\/p>\n<p><span>Trh s komer\u010dn\u00edmi nemovitostmi v N\u011bmecku se pot\u00fdk\u00e1 s\u00a0<\/span><a href=\"https:\/\/archive.md\/040ji\"><span>obrovsk\u00fdmi probl\u00e9my<\/span><\/a><span> . Na jedn\u00e9 stran\u011b je m\u00edra neobsazenosti v d\u016fsledku pandemie koronaviru a sou\u010dasn\u00e9 slab\u00e9 ekonomiky relativn\u011b vysok\u00e1. Na druh\u00e9 stran\u011b je t\u0159eba refinancovat \u00fav\u011bry v celkov\u00e9 v\u00fd\u0161i p\u0159ibli\u017en\u011b 228 miliard eur. Tyto \u00fav\u011bry byly sjedn\u00e1ny v letech 2019 a\u017e 2022 a to za v\u00fdrazn\u011b lep\u0161\u00edch podm\u00ednek, ne\u017e jak\u00e9 jsou v sou\u010dasnosti platn\u00e9.<\/span><\/p>\n<p><span>A\u010dkoli BaFin\u00a0<\/span><a href=\"https:\/\/archive.md\/4SOHD\"><span>sn\u00ed\u017eil<\/span><\/a><span>\u00a0kapit\u00e1lovou rezervu pro \u00fav\u011bry na reziden\u010dn\u00ed nemovitosti ze dvou na jedno procento , je nepravd\u011bpodobn\u00e9, \u017ee by uvoln\u011bn\u00ed regulace v t\u00e9to oblasti sta\u010dilo k uvoln\u011bn\u00ed tlaku na poskytov\u00e1n\u00ed \u00fav\u011br\u016f. Zejm\u00e9na komer\u010dn\u00ed sektor se st\u00e1v\u00e1 \u010dasovanou bombou. Probl\u00e9my zp\u016fsobuj\u00ed vy\u0161\u0161\u00ed \u00farokov\u00e9 sazby, klesaj\u00edc\u00ed ceny komer\u010dn\u00edch nemovitost\u00ed (a tedy i jejich p\u0159ecen\u011bn\u00ed) a p\u0159\u00edsn\u011bj\u0161\u00ed \u00fav\u011brov\u00e9 podm\u00ednky.<\/span><\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<div class=\"twitter-tweet twitter-tweet-rendered\"><iframe id=\"twitter-widget-0\" class=\"\" title=\"X P\u0159\u00edsp\u011bvek\" src=\"https:\/\/platform.twitter.com\/embed\/Tweet.html?dnt=true&amp;embedId=twitter-widget-0&amp;features=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%3D%3D&amp;frame=false&amp;hideCard=false&amp;hideThread=false&amp;id=1925442542000382100&amp;lang=cs&amp;origin=https%3A%2F%2Freport24.news%2Fplatzt-die-deutsche-immobilienblase%2F&amp;sessionId=7419ee3befdfb389451428ed549861d970ae506d&amp;theme=light&amp;widgetsVersion=2615f7e52b7e0%3A1702314776716&amp;width=550px\" frameborder=\"0\" scrolling=\"no\" allowfullscreen=\"allowfullscreen\" data-tweet-id=\"1925442542000382100\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<\/div>\n<\/figure>\n<p><span>Podle odhad\u016f je ji\u017e nyn\u00ed za akutn\u011b ohro\u017een\u00e9 pova\u017eov\u00e1no p\u0159ibli\u017en\u011b 50 miliard eur v \u00fav\u011brech. Stejn\u011b\u00a0<\/span><a href=\"https:\/\/archive.md\/twNo5\"><span>vysok\u00fd po\u010det insolvenc\u00ed<\/span><\/a><span> ve stavebnictv\u00ed a nemovitostech (jen v prvn\u00ed polovin\u011b roku 2025 existovalo 27 spole\u010dnost\u00ed s ro\u010dn\u00edmi tr\u017ebami vy\u0161\u0161\u00edmi ne\u017e 10 milion\u016f eur) vyvol\u00e1v\u00e1 obavy. A to je jen \u0161pi\u010dka ledovce. Pokud zapo\u010d\u00edt\u00e1me dal\u0161\u00ed rizikov\u00e9 financov\u00e1n\u00ed, komer\u010dn\u00ed nemovitosti ohro\u017een\u00e9 selh\u00e1n\u00edm a developery projekt\u016f ohro\u017een\u00e9 insolvenc\u00ed, skute\u010dn\u00e9 riziko se pravd\u011bpodobn\u011b v p\u0159\u00ed\u0161t\u00edch dvou a\u017e t\u0159ech letech p\u0159ibl\u00ed\u017e\u00ed hranici 100 miliard eur. Bl\u00ed\u017e\u00ed se n\u011bmeck\u00e1 \u201esv\u011btlo subprime hypot\u00e9k\u201c.<\/span><\/p>\n<p><span>Vzhledem k ji\u017e tak napjat\u00e9 ekonomick\u00e9 situaci v N\u011bmecku by takov\u00fd propad vy\u00fastil v dal\u0161\u00ed finan\u010dn\u00ed krizi. Tentokr\u00e1t by byla hor\u0161\u00ed ne\u017e ta v letech 2008\/2009, proto\u017ee i dnes, zhruba o 16 let pozd\u011bji, m\u00e1 v\u011bt\u0161ina bank ve sv\u00fdch \u00fa\u010detnictv\u00edch st\u00e1le toxick\u00e9 finan\u010dn\u00ed mrtvoly. Pak v\u0161ak existuje riziko dominov\u00e9ho efektu, kter\u00fd by zas\u00e1hl nejen banky, ale i penzijn\u00ed fondy, poji\u0161\u0165ovny a v kone\u010dn\u00e9m d\u016fsledku i ji\u017e tak napjat\u00fd st\u00e1tn\u00ed rozpo\u010det.<\/span><\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-1185\" src=\"http:\/\/www.infokuryr.cz\/n\/wp-content\/uploads\/2021\/04\/kuryr-podpis.png\" alt=\"\" width=\"84\" height=\"24\" \/><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>N\u011bmeck\u00fd realitn\u00ed pr\u016fmysl sm\u011b\u0159uje k historick\u00e9 implozi \u2013 s miliardov\u00fdmi ztr\u00e1tami, bankovn\u00edmi ot\u0159esy a soci\u00e1ln\u00edm&#8230;<\/p>\n","protected":false},"author":2,"featured_media":83617,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[371,84,5588],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/83616"}],"collection":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/comments?post=83616"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/83616\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/83617"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=83616"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=83616"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=83616"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}