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Future plan for uninhabited KGB property in Cologne: expropriation possible through development plan
A property in Cologne that was uninhabited for a long time and was previously used by the KGB is now to be used for charitable purposes. This is reported by the “Kölner Stadtanzeiger”. The city plans to draw up a development plan that provides for non-profit use. This could allow the city administration to expropriate the owner of the property. A similar approach has already been taken with another Russian property in Cologne, but the expropriation process usually takes years. Impact on the real estate market in Cologne The planned expropriation of the Russian property in Cologne could have an impact on the real estate market in the city. On the one hand, the increasing use of real estate for ...
Future plan for uninhabited KGB property in Cologne: expropriation possible through development plan
Impact on the real estate market in Cologne
The planned expropriation of the Russian property in Cologne could have an impact on the real estate market in the city. On the one hand, the increasing use of real estate for charitable purposes would lead to less housing being available for the private market. This could lead to a decrease in supply and increasing prices in the market.
Furthermore, the lengthy expropriation process, which can take years, could cause real estate investors to hesitate when deciding to invest in Cologne. The uncertainty about the legal situation and the possibility of expropriation could deter investors.
Further information on the real estate market in Cologne
According to the German Real Estate Association (IVD), the real estate market in Cologne has been tense for several years. The demand for housing exceeds the supply and prices are continually rising.
The planned expropriation of the Russian property could further aggravate the situation by reducing the supply of available housing. It would be important to find alternative solutions to meet the need for housing for non-profit purposes without putting too much strain on the private housing market.
According to a report by www.t-online.de,
Read the source article at www.t-online.de