In recent years the real estate market has become more international. Increasingly, institutional investors and wealthy individuals have been trying to improve the spread and yield of their portfolios by investing in foreign real estate. An especially salient increase in investments in Germany occurred in the years 2005 and 2006. Since then the amount of property in foreign ownership has remained virtually constant. German investors, on the other hand, have continuously expanded their foreign real estate holdings to a current value of 147 billion euro. The main driver behind this development has been the appreciation of real estate values abroad and the low degree of correlation between foreign markets and the domestic marketplace. Given the special market situation in Germany, a renewed increase in transactions in Germany is therefore to be expected.