A recent report by Deutsche Bank showed that prices in the city have grown 11% since Article 50 was triggered by Theresa May.
Reuters agency cited JP Morgan, Standard Chartered, Citigroup, UBS and Goldman Sachs as companies considering relocating staff - naming Frankfurt as a preferred option.
Unsurprisingly, the area of the market that has been most affected is luxurious bankers’ flats. One international property expert, Olivier Peters, said he has noticed a spike in the number of London 'commuters' looking to buy small flats.
Apparently, he’s been seeing requests from people based in London who are mostly looking for small, studio flats that are fully furnished in a luxury style. These folks will be commuting to Frankfurt and working there Monday to Friday – then travelling back to the UK on the weekend to be with their families.
It is said that this trend has gone so far as to impact the market to the extent that developers are changing existing plans and focusing on smaller flats as the demand seems to be focused on studio properties. That said, it’s important to be wary of those who have a vested interested in talking up prices.
There’s no substitute for doing the market research to make sure you’re paying the true market rate. It’s akin to the prices “touristy” restaurants the world over charge versus restaurants frequented by locals!
Certainly, commuting between Frankfurt and London is an alternative to relocating to the German city that might appeal to executives and their families who love living in London. And it may well be a cheaper option for employers too. But you need to have the right local contacts and know-how.
My recommendation would be always to have a trial period in short term accommodation. Saunders 1865 will take care of the whole process for both the employer and the employee via our Temporary Accommodation Sourcing & Management Program service You get total support throughout the assignment that includes local knowledge and comprehensive management of the process from start to finish.
This kind of VIP-level support is worth its weight in gold because it increases loyalty as well as rates of talent retention – and it saves the business money!
Whether you’re the executive being moved or the business leader that’s moving others, you should connect with a Saunders 1865 relocation expert for a free consultation.
Do that via this contact form