{"id":5856,"date":"2025-04-16T12:22:34","date_gmt":"2025-04-16T12:22:34","guid":{"rendered":"https:\/\/www.rock-n-data.io\/?p=5856"},"modified":"2025-04-16T12:22:37","modified_gmt":"2025-04-16T12:22:37","slug":"allemagne-2025-paref-gestion-analyse-les-perspectives","status":"publish","type":"post","link":"https:\/\/www.rock-n-data.io\/fr\/allemagne-2025-paref-gestion-analyse-les-perspectives\/","title":{"rendered":"PAREF Gestion : Quel horizon pour l\u2019Allemagne en 2025 ?"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>Une \u00e9conomie sous pression, mais toujours solide<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Un recul ma\u00eetris\u00e9 pour la premi\u00e8re \u00e9conomie europ\u00e9enne<\/strong><\/h3>\n\n\n\n<p>Depuis 2022, l\u2019Allemagne fait face \u00e0 des vents contraires \u00e9conomiques. En <strong>2024<\/strong>, son PIB s\u2019est contract\u00e9 de <strong>0,2 %<\/strong>, marquant une <strong>deuxi\u00e8me ann\u00e9e cons\u00e9cutive de repli<\/strong>. Cette situation s\u2019explique par une combinaison de facteurs : chute des exportations, inflation \u00e9nerg\u00e9tique persistante, et politique mon\u00e9taire resserr\u00e9e par la Banque Centrale Europ\u00e9enne. Le secteur manufacturier, c\u0153ur industriel du pays, a particuli\u00e8rement souffert, et les investissements des entreprises ont chut\u00e9 de <strong>2,7 %<\/strong> au quatri\u00e8me trimestre 2024.<\/p>\n\n\n\n<p>Pourtant, <strong>la r\u00e9silience allemande<\/strong> reste notable. Le pays conserve sa <strong>place de premi\u00e8re \u00e9conomie europ\u00e9enne<\/strong> avec un PIB de <strong>4 305 Md\u20ac<\/strong>, soit pr\u00e8s de <strong>48 % de plus que la France<\/strong> (2 921 Md\u20ac). \u00c0 l\u2019\u00e9chelle mondiale, l\u2019Allemagne maintient sa troisi\u00e8me position, derri\u00e8re les \u00c9tats-Unis et la Chine, malgr\u00e9 un march\u00e9 int\u00e9rieur plus restreint (84 millions d\u2019habitants).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Des fondamentaux \u00e9conomiques toujours solides<\/strong><\/h3>\n\n\n\n<p>Malgr\u00e9 la r\u00e9cession, l\u2019exc\u00e9dent commercial atteint <strong>238 Md\u20ac<\/strong>, avec un taux de couverture des importations de <strong>118 %<\/strong>. Cette comp\u00e9titivit\u00e9 repose notamment sur une industrie manufacturi\u00e8re qui p\u00e8se <strong>30 % du PIB<\/strong>, contre <strong>23 % en moyenne dans l\u2019Union europ\u00e9enne<\/strong>.<\/p>\n\n\n\n<p>Le taux de ch\u00f4mage reste faible \u00e0 <strong>3,5 %<\/strong>, et l\u2019inflation a ralenti, passant de <strong>6,9 % en 2022 \u00e0 2,2 % fin 2024<\/strong>. Cela soutient la consommation des m\u00e9nages et favorise un climat \u00e9conomique plus serein. Le pays affiche \u00e9galement un pouvoir d\u2019achat \u00e9lev\u00e9 : <strong>28 500 SPA<\/strong>, derri\u00e8re seulement trois pays europ\u00e9ens, tous moins peupl\u00e9s.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Vers une relance par l\u2019investissement public<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Un plan de relance d\u2019envergure pour 2025-2035<\/strong><\/h3>\n\n\n\n<p>L\u2019\u00e9lection de Freidrich Merz, nouveau chancelier issu du parti conservateur, a conduit au vote d\u2019un <strong>plan d\u2019investissement massif<\/strong>, vot\u00e9 par le Bundestag d\u00e9but 2025. Ce plan pr\u00e9voit de mobiliser <strong>entre 1 000 et 1 500 Md\u20ac sur dix ans<\/strong>, pour :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>moderniser les infrastructures,<\/li>\n\n\n\n<li>renforcer l\u2019ind\u00e9pendance \u00e9nerg\u00e9tique,<\/li>\n\n\n\n<li>soutenir l\u2019industrie de D\u00e9fense.<\/li>\n<\/ul>\n\n\n\n<p>Ce tournant budg\u00e9taire marque un assouplissement du traditionnel frein \u00e0 l\u2019endettement allemand, longtemps symbole d\u2019aust\u00e9rit\u00e9. L\u2019objectif : <strong>positionner l\u2019Allemagne au centre de la nouvelle souverainet\u00e9 europ\u00e9enne<\/strong>, face aux tensions g\u00e9opolitiques et \u00e0 la transition \u00e9nerg\u00e9tique.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Immobilier : l\u2019Allemagne reste le premier march\u00e9 de l\u2019U.E.<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Un march\u00e9 immobilier europ\u00e9en de r\u00e9f\u00e9rence<\/strong><\/h3>\n\n\n\n<p>Avec <strong>34,3 Md\u20ac de transactions en 2024<\/strong>, l\u2019Allemagne reste <strong>le plus grand march\u00e9 immobilier de l\u2019Union europ\u00e9enne<\/strong>, loin devant la France (18,1 Md\u20ac) et l\u2019Espagne (14 Md\u20ac). Cette performance s\u2019explique par la robustesse du cadre r\u00e9glementaire, la diversit\u00e9 sectorielle (Bureaux, Logistique, Commerce, R\u00e9sidentiel) et la confiance des investisseurs internationaux.<\/p>\n\n\n\n<p>En 2024, le march\u00e9 immobilier allemand a connu une <strong>hausse des volumes de +21 %<\/strong>, port\u00e9e par un fort rebond au T4. \u00c0 titre de comparaison, la France a recul\u00e9 de -2 % et l\u2019Espagne a progress\u00e9 de +20 %, mais avec une concentration sur quelques segments.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Zoom sur les segments porteurs en 2024<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Segment<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Volume investi (\u20ac)<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u00c9volution annuelle<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">R\u00e9sidentiel<\/td><td class=\"has-text-align-center\" data-align=\"center\">8,7 milliards<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u2014<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Logistique<\/td><td class=\"has-text-align-center\" data-align=\"center\">7,7 milliards<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u2014<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Commerce<\/td><td class=\"has-text-align-center\" data-align=\"center\">6,1 milliards<\/td><td class=\"has-text-align-center\" data-align=\"center\">+28 %<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">H\u00f4tellerie<\/td><td class=\"has-text-align-center\" data-align=\"center\">-<\/td><td class=\"has-text-align-center\" data-align=\"center\">l\u00e9ger recul<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Le commerce de centre-ville a attir\u00e9 particuli\u00e8rement l\u2019attention des investisseurs. Ces donn\u00e9es traduisent un r\u00e9\u00e9quilibrage des priorit\u00e9s, notamment avec le retour de la fr\u00e9quentation post-pand\u00e9mie et les mutations du retail.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Rendements : un ajustement suivi d\u2019une stabilisation<\/strong><\/h2>\n\n\n\n<p>Apr\u00e8s une ann\u00e9e 2023 marqu\u00e9e par une d\u00e9compression des taux, le march\u00e9 s\u2019est stabilis\u00e9 en 2024. Voici l\u2019\u00e9volution moyenne des <strong>rendements \"prime\"<\/strong> dans les 7 plus grandes villes d\u2019Allemagne :<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Typologie d\u2019actif<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Rendement moyen T4 2024<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u00c9volution annuelle<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">R\u00e9sidentiel<\/td><td class=\"has-text-align-center\" data-align=\"center\">3,56 %<\/td><td class=\"has-text-align-center\" data-align=\"center\">-15 points de base<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Bureaux<\/td><td class=\"has-text-align-center\" data-align=\"center\">4,36 %<\/td><td class=\"has-text-align-center\" data-align=\"center\">+7 points de base<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Retail Parks<\/td><td class=\"has-text-align-center\" data-align=\"center\">stable<\/td><td class=\"has-text-align-center\" data-align=\"center\">-<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Cette <strong>capacit\u00e9 d\u2019adaptation rapide<\/strong> permet au march\u00e9 allemand de rester comp\u00e9titif face \u00e0 ses homologues europ\u00e9ens, souvent plus rigides dans leurs ajustements.<\/p>\n\n\n\n<p>En 2024, <strong>les investisseurs \u00e9trangers ont repr\u00e9sent\u00e9 pr\u00e8s de 40 % du volume global<\/strong>, preuve d\u2019un <strong>attrait international soutenu<\/strong>. Les gestionnaires d\u2019actifs restent particuli\u00e8rement actifs, port\u00e9s par la <strong>transparence r\u00e9glementaire<\/strong> et la diversit\u00e9 d\u2019actifs disponibles.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Analyse prospective : quelle trajectoire pour l\u2019Allemagne ?<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Atouts structurels et enjeux conjoncturels<\/strong><\/h3>\n\n\n\n<p>L\u2019Allemagne reste un pilier de l\u2019\u00e9conomie europ\u00e9enne malgr\u00e9 une croissance atone. Ses <strong>capacit\u00e9s industrielles<\/strong>, sa <strong>discipline budg\u00e9taire en mutation<\/strong> et son <strong>ancrage strat\u00e9gique dans l\u2019Union<\/strong> lui permettent d\u2019envisager une trajectoire de reprise.<\/p>\n\n\n\n<p>Le pays se positionne aujourd\u2019hui comme un <strong>acteur cl\u00e9 de la r\u00e9ponse europ\u00e9enne aux d\u00e9fis globaux<\/strong>, qu\u2019ils soient technologiques, \u00e9nerg\u00e9tiques ou g\u00e9opolitiques.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Exemple de projection \u00e0 moyen terme<\/strong><\/h3>\n\n\n\n<p>Un investisseur immobilier peut envisager d\u2019entrer sur le march\u00e9 allemand via des actifs tertiaires dans les grandes m\u00e9tropoles, en tirant parti de :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>la <strong>stabilisation des rendements<\/strong>,<\/li>\n\n\n\n<li>la <strong>hausse des volumes de transaction<\/strong>,<\/li>\n\n\n\n<li>le <strong>cadre r\u00e9glementaire transparent<\/strong>.<\/li>\n<\/ul>\n\n\n\n<p>Ces \u00e9l\u00e9ments permettent d\u2019anticiper un retour progressif de la croissance, sous condition d\u2019un <strong>maintien de la dynamique d\u2019investissement public<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Conclusion<\/strong><\/h2>\n\n\n\n<p>Malgr\u00e9 une <strong>conjoncture d\u00e9licate<\/strong>, l\u2019Allemagne d\u00e9montre une solidit\u00e9 qui la positionne toujours en <strong>leader europ\u00e9en<\/strong>. Son march\u00e9 immobilier reste attractif, en raison de sa diversit\u00e9, sa transparence et sa capacit\u00e9 d\u2019ajustement.<\/p>\n\n\n\n<p>La politique d\u2019investissement engag\u00e9e d\u00e9but 2025 constitue un tournant susceptible de <strong>relancer durablement la croissance<\/strong>. Dans ce contexte, l\u2019Allemagne pourrait tirer son \u00e9pingle du jeu et renforcer sa centralit\u00e9 \u00e9conomique, strat\u00e9gique et immobili\u00e8re au sein de l\u2019Union europ\u00e9enne.<\/p>\n\n\n\n<p>\u00c0 lire \u00e9galement :\u00a0<a href=\"http:\/\/rock-n-data.io\/fr\/magellim-reim-investit-dans-un-hotel-5-etoiles-a-saint-michel-paris\/\">Magellim REIM renforce sa pr\u00e9sence dans l\u2019h\u00f4tellerie haut de gamme<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Une \u00e9conomie sous pression, mais toujours solide Un recul ma\u00eetris\u00e9 pour la premi\u00e8re \u00e9conomie europ\u00e9enne Depuis 2022, l\u2019Allemagne fait face \u00e0 des vents contraires \u00e9conomiques. En 2024, son PIB s\u2019est contract\u00e9 de 0,2 %, marquant une deuxi\u00e8me ann\u00e9e cons\u00e9cutive de repli. Cette situation s\u2019explique par une combinaison de facteurs : chute des exportations, inflation \u00e9nerg\u00e9tique [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":5857,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[74],"tags":[771,779,604,780,772,710,781,775,777,593,747,774,773,778,619,776],"class_list":["post-5856","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investissement","tag-allemagne-2","tag-bureaux-2","tag-commerce","tag-conjoncture","tag-economie","tag-europe-2","tag-fondsimmobilier","tag-freidrichmerz","tag-inflation","tag-investissement-2","tag-logistique-2","tag-parefgestion","tag-pib","tag-residentiel-2","tag-scpi-2","tag-unioneuropeenne","post-wrapper"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Allemagne 2025 : PAREF Gestion analyse les perspectives<\/title>\n<meta name=\"description\" content=\"L\u2019Allemagne face aux d\u00e9fis \u00e9conomiques : PAREF Gestion analyse les perspectives \u00e9conomiques et immobili\u00e8res.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rock-n-data.io\/fr\/allemagne-2025-paref-gestion-analyse-les-perspectives\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Allemagne 2025 : PAREF Gestion analyse les perspectives\" \/>\n<meta property=\"og:description\" content=\"L\u2019Allemagne face aux d\u00e9fis \u00e9conomiques : PAREF Gestion analyse les perspectives \u00e9conomiques et immobili\u00e8res.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rock-n-data.io\/fr\/allemagne-2025-paref-gestion-analyse-les-perspectives\/\" \/>\n<meta property=\"og:site_name\" content=\"Rock &amp; 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