房地产行业住房制度国际比较之德国篇：租赁市场标杆，房价长期稳定

Group 1: Housing Market Overview - Germany's housing market is predominantly rental-based, with approximately 46.7% homeownership rate in 2022, significantly lower than the US (65.9%) and Singapore (82%) [27] - The housing supply has remained stable, with a consistent homeownership rate fluctuating between 40% and 50% over the past two decades [27] - The government has implemented a four-part legal framework since 1950 to support diverse housing supply and protect tenant rights [26] Group 2: Housing Tax System - The German housing tax system includes various taxes such as property tax, land tax, and real estate transfer tax, which are designed to regulate the market [56] - Lower tax rates are applied to owner-occupied and rental properties to support housing demand, while high real estate transfer taxes are imposed to curb speculative investments [61] - For properties sold within ten years, a capital gains tax of up to 25% is applicable, further discouraging speculative behavior [62] Group 3: Housing Financing and Support - The government provides low-interest loans and tax incentives to encourage housing construction, particularly for low-income families and non-profit organizations [68] - The "first save, then loan" model stabilizes financing costs and mitigates speculative demand in the housing market [90] - Direct monetary subsidies are provided to low-income households, covering the difference between actual rent paid and affordable rent, typically set at 25% of household income [69]