What's the German for "property porn"? "Immobilie porn," suggests Google Translate but we're open to correction. Either way, this piece from the FT on Tuesday makes for good reading. It suggests there may be a bubble building in the German property market with Berlin in particular looking peaky, although that must be caveated with the relatively sedate nature of the market previously. Says the FT (with our emphasis): It's a function of a few things: low interest rates, the tempting security of property in interesting times, and an influx from outside Germany that is reminiscent of that in London prime: This is not a new story - Speigel was downplaying the bubble-fear to its readers back in June - but the pace of increase is striking. When Spiegel ran its piece average prices were increasing 5.5 per cent year on year in Germany with individual cities dragging that number up with increases of between 10 and 13 per cent. That said, here's one very fair caveat from the FT: And another from the WSJ back in August: There is an element of catch-up. German house prices fell 23% in real terms from 1995 to 2009 and failed to keep up with what little nominal income growth there was, notes Société Générale. There also is evidence of increasing demand for housing in big cities as more young, well-educated adults move in. Munich's population is expected to rise 11% by 2030, according to official forecasts. Supply, too, remains tight. Before a more poetic refi warning from the FT: [Helaba's Mr Mitropoulos] says that, notwithstanding Germany's prudent mortgage lending practices, refinancing risk is bound to increase. Related links: Prices fuel fears of German housing bubble - FT Alphaville No bubble trouble for German property - WSJ Mean reversion awaits London property - John Authers German property market soars amid Eurocrisis - Spiegel