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tv   Business - News  Deutsche Welle  September 21, 2018 1:15pm-1:30pm CEST

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makes his way back to her tie in turkey the next transports need to be prepared. that's a foot for you hon and she'll have more for you and business you still is economy has kept on growing until now receive what a slowdown could mean and that is with coming up for you shortly you're watching the news live from by then. nico using germany to learn german. published in the uk why not learn with him online on the mobile and free to suffer from the w e learning course nicko speak. climate change is just. a waste. of pollution.
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isn't it time for a good. go at africa people and projects that are changing the environment for the better it's up to us to make a difference. d.w. . the flame. house prices keep going up an hour but how much is too much as government and space holders aim to answer that question for germany today in berlin we talk to an industry insider about how to solve the housing crisis. more bad news for turkey after the freefall of the lira inflation is now above twenty percent and the growth forecasts are constant is this the last straw for many small businesses.
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this is d w business i'm going out of the berlin wall come financial investors will advise us rather will often tell you it's smart to keep your housing costs to a third of your monthly income but in many cities that's slowly becoming impossible like a balloon for example german chancellor angela merkel is even hosting a so-called housing summit to get to the root of the problem but residents suffering the lack of affordable housing that doesn't just happen in the german capital it's a global issue shoe box homes like these are becoming common in hong kong as real estate and rent prices soar authorities are scrambling to find out cers for what's becoming a major source of economic and social unrest in one of his breeches cities one of the proposals is to reclaim more land to build on along the harbor but some residents are taking matters into their own hands by occupying industrial spaces for instance dangerous and also illegal in a world where
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a fifth of the population lacks adequate housing hong kong is representative as its struggle for a solution. but although prices jumped nearly fifteen percent last year it's still only the fifth hottest property market in the world hotter still is vancouver where prices rose sixteen percent both cities are outstripped by reykjavik at izmir but the upward swing is most evident in berlin where prices have skyrocketed twenty point five percent the reason for runaway real estate pricing are manifold a big one is simply supply and demand as population growth outpaces construction but residents the world over put at least part of the blame on foreign investment driving up prices in an era of cheap money in berlin the local government has said it was mulling restricting the foreign ownership of homes that idea wouldn't be original in a bid to counter house price growth and homelessness new zealand passed the law just last month banning foreigners from purchasing existing houses
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a step further from foreign ownership taxes imposed in other cities like toronto. many question just how much these measures will help bring prices down for now housing prices are still in danger of overheating. so how to solve the crisis in ers eventually housing are not joined by thomas byerly he's a real estate analyst with the tele a large european property investor headquartered in sweden thomas property investors like your company which he loves ones painted as the ultimate bad guys not only here in germany do we need more regulation to keep people in check and make sure you don't and more money. well i think we don't i don't personally think that we are the bad guys on that but what we don't need of course more regulations what we need of course a reliable framework where we all can act in the tenants the landlords but also the industry in total so what is then other than this framework was which was
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rather lofty what is the answer to the housing crisis by banning foreign investors for example. well to be honest i think from a former international perspective germany is still undervalued market which means coming from extremely low level compared to the rest of europe on one hand with the huge demand to chew urbanization effects in metropolitan areas we need finally just one thing sounds a little bit strange but it's building building building buildings build build build is the motivation that within that framework it's of course how can we. find things coming together what is called affordable housing and distance but the met the massive demand on that is coming from the people who muting inly in the city centers and this is again not we have to solve together property investment is a strange beast isn't it it's an investment and it's also a public good can these two ever be reconciled. i
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think we have to really look for both sides on one hand it's absolutely a social thing when it comes to especially what is the different. affordable housing what means this so supporting people who are not affordable to get homeownership or whatever on the other hand investment in residential means also to achieve outcoming yield on that and again to bring peace things together it's it's that what hopefully today will be reached in the housing someone in berlin just one example at the end if you build more properties then the people get more attendant on the new property and especially they will have to pay a higher rents but also there should be find a definition on how many percent let's say ten or twenty like in munich should be then frozen in for the next ten years time on a reduced rent one example on that which we hopefully will be discussed today in berlin very very briefly if you can is residential property still a good investment in your view. personally i think totally definitely but i'm an
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analyst to be honest so what has always happened you should get more focused of course on the metropolitan area was revealed globally and especially in germany there was a huge just no team meanwhile between what we call thirty three but also the city center so i would say yes definitely a good investment. comes by or thank you very much. you're welcome. turkey on thursday cut its growth forecast in half for this year and next this comes as turkish finance minister berra travels to berlin today carrying some heavy economic luggage the lira has plunged by forty percent this year over concerns about president wants influence on monetary policy and there's a deep rift with the united states inflation is now above twenty percent and the situation is getting worse every day as our correspondent julia han found out in istanbul sick and in the knowledge his staff still have work to do but he gets harder by the day eight years ago he set up on his own as
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a silversmith in istanbul. each piece is hand crafted it's hard work and until recently it's paid off but the currency crisis has changed everything silver has to be imported and paid for in dollars as a result the cost has skyrocketed and with people worried about their finances they're buying less jewelry. i don't know if we're going to sing half as much as last year. and are in the red in terms of process. but other people are even worse off i've had people who've had to shut down their businesses coming to me to ask if i could take on some of their stuff. in a woman market for the money but i have the question. to give you one of these would be your small businesses like nazar especially badly his but larger companies are struggling to the lure us to klein has made loans taken
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action dollars or euros far harder to pay back all over turkey people can see that the notes coming out of the a.t.m. are losing value. phones have become more expensive they now cost fifteen hundred two thousand lire more than before as well as food transport everything. to call it the truth which in all the chocolate i buy for the kids first it cost one lira and one fifteen now it costs two lira market even at a discount supermarkets are no longer cheap. mike you are an elected government the armed services he companies are pretty much robbing us blind they put their prices up every month to give them a closer carom alcan is an economist and business columnist at the pro-government newspaper sabah he admits that there are problems but he insists it's not the president's fault and that the conditions for recovery are in place. the model of the growth for the next one and
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a whole few years mostly be about the resume and export the fix for the growth we will find the way to decrease the government expenditures and after the decision period we will begin to see easily two point five four percent or higher than four percent for the turkish g.d.p. growth between two thousand and twenty two two thousand and twenty three for second twenty twenty three could be too late he's not even sure if his business will be able to stay afloat until the end of this year. so plenty of problems there and we are now joined by. union chief economist stuff as i was in the bank and joins us from frankfurt cost the turkish finance minister alberich is in berlin today what does he want from germany what can he bring back. what is an economic
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crisis so i think you need three sorts of support first from the turkish voters millions of which are residing in germany second economic supporter that their country needs very very much and germany is. a turkey's most important trading partner and third political supporter on an international level because that that is something turkey does not have especially not from the us at this stage you mentioned the us turkey is blaming the us for they cannot make prices do they have a point. not at all the economic crisis is something of whole making it is being caused by policies that they lead to the economy overheat by too low interest rates by too low currency reserves and by a to a high current account deficit to the sanctions the us has
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a post was just one little thing that added to all of this but it was not the root cause of the crisis comes new news that thank you very much. from me and the business scene here and the about live i'll have an update for you in the next hour that's much more of course on our website you'll find that on the . business before you go here's a check on global markets for us this hour thank you very much for watching clean up your business.
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