With the competitive devaluation of major currencies, high levels of major stock markets, and problems in many real estate markets, it's not too clear where to put your wealth. The German property market has been in the doldrums for so long now, that wealth risk seems minimal. A recent Buy Munich Property article said something along the same lines:

QUOTE
It’s good to read with stock markets gyrating
that German housing continues to offer the best form of
wealth guarantee apart from cash itself, according to the
Hamburg Institute of World Economy. In a recent report,
it states that for the past 16 years, German property has
offered a 2.57% year-on-year increase in both rent and
property values. Also, according to a recent (Oct’07) Die
Welt survey of 60 foreign investors in German property,
two-thirds still consider the German property market
undervalued, 55% expect rents to continue increasing,
and 97% intend to increase their investments. Munich
remains at the top of the tables in terms of attractive
investment areas, with the Institute of Wealth Creation
predicting property prices rising by at least 70% through
to 2020
UNQUOTE