BF.direkt AG

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Statements from the real estate industry on today’s ECB interest rate decision

Representatives of Ypsilon, IREBS, BF.direkt and CR Investment Management comment on the unchanged ECB key interest rate decision. They point to inflation risks from rising oil prices and, depending on the project, recommend long-term fixed interest rates; Stability supports the real estate market.

MarketsStatements

BF. Quarterly Barometer Q2 2026: Sentiment among real estate financiers collapses

The BF. Quarterly barometer of BF.direkt AG fell from -9.74 to -25.97 points in Q2 2026, signalling a severely limited willingness to finance. The causes include the Iran war with fears of inflation and interest rates. Conditions, new business and volumes are deteriorating.

MarketsReal Estate
Francesco Fedele Vorstand

“The higher interest rate level (…) does not necessarily mean worse business for the real estate industry, but different business models.”

Statement by Francesco Fedele, CEO of BF.direkt AG, on the current ECB key interest rate decision.

MarketsStatements
Francesco Fedele Vorstand

“The longer the Iran war lasts, the more likely it is that key interest rate hikes will become”

Statement by Francesco Fedele, CEO of BF.direkt AG, on the ECB's interest rate decision.

MarketsStatements

Real Asset Finance & Debt Summit: Real asset financiers must face external shocks

The Real Asset Finance & Debt Summit took place on 23 April 2026 in Berlin and brought together around 130 participants and 21 speakers. Topics included geopolitical and economic challenges as well as the importance of sustainable investments in real estate.

EnergyInfrastructureMarketsPrivate DebtReal EstateStatements
Francesco Fedele und Prof. Dr. Steffen Sebastian (Quelle: BF.direkt AG)

BF. Quarterly Barometer Q1 2026: Sentiment remains gloomy despite more new business and fewer NPLs

Despite an increase in new business and a reduction in non-performing loans, sentiment among real estate financiers remains subdued in the first quarter of 2026. The new BF. Quarterly barometer value of -9.74 points reflects the cautious willingness to finance, influenced by the Iran conflict.

MarketsPrivate DebtReal Estate
Eugenio Sangermano, Geschäftsführer BF.capital (Bildquelle: BF.capital GmbH)

Why Private Debt Needs to Be Viewed in a Differentiated Way

Dr. Markus Faulhaber and Eugenio Sangermano from BF.capital discuss the risks and opportunities in the private debt market. Despite criticism from the media, they plead for a differentiated view of the asset class.

MarketsPrivate Debt
Francesco Fedele Vorstand

“The ECB’s decision to leave key interest rates unchanged was to be expected despite the current uncertainties.”

The ECB is leaving interest rates stable despite global uncertainties. For the real estate industry, the effects remain limited, but persistent inflationary pressure could make financing more expensive. Borrowers should now strategically examine interest rate hedging.

Statements
(Copyright: BF.direkt)

“The escalation in the Middle East is an acute stress factor for the real estate industry, also in Germany.”

Francesco Fedele with a statement on the impact of the escalating conflicts in the Middle East on the real estate market.

MarketsReal EstateStatements
BF.Private Debt Market Compass Bildquelle: BF.capital GmbH

BF.capital publishes first BF. Private Debt Market Compass

BF.capital has awarded the first BF. Private Debt Market Compass, which signals positive momentum in the private debt market. The new sentiment index reached 60.1 points and indicates strong fundraising momentum as well as increasing capital commitments.

MarketsPrivate Debt
(Copyright: BF.direkt)

“The real estate market works, but selectively. While residential and logistics properties remain comparatively stable, other asset classes continue to be under pressure to adapt.”

Francesco Fedele, CEO of BF.direkt AG, on the current interest rate decision of the European Central Bank.

MarketsPrivate DebtReal EstateStatements
(Copyright: BF.direkt)

“We only believe to a limited extent that the real estate crisis has been overcome.”

Statement by Francesco Fedele, CEO of BF.direkt AG, on the ECB interest rate decision

Statements
Pressemitteilung von BF.direkt AG (BF.direkt AG)

BF. Quarterly Barometer Q4 2025 – Sentiment among real estate financiers remains weak

Sentiment among commercial real estate financiers will remain almost unchanged in the fourth quarter of 2025. The BF. Quarterly barometer shows a slight recovery, while new business is increasing and financing in the residential sector dominates.

MarketsReal Estate
Foto von Naveed Janmohamed auf Unsplash

Commercial real estate financing: Average loan volumes are getting smaller

Loan volumes in commercial real estate financing have become smaller in the last ten years. Almost half of those surveyed state that the average loan volume is less than 10 million euros.

MarketsPrivate DebtReal Estate
(Copyright: BF.direkt)

The ECB’s decision to leave key interest rates unchanged is understandable and correct

The ECB's decision to leave key interest rates unchanged is understandable and correct. Although the inflation rate in the eurozone is approaching the two percent target, price pressures remain in the service sector and in parts of the consumer sector.

StatementsMarkets
LTVs (Bildquelle: BF.direkt)

Commercial real estate financing: Loan-to-values fall by almost ten percentage points in ten years

Loan-to-values (LTVs) in commercial real estate financing have fallen by around ten percentage points over the past ten years. This was the result of a special evaluation by the BF. Quarterly Barometer. The loan-to-value ratio sets the loan amount in relation to the market value.

Private DebtMarketsPrivate Equity
Francesco Fedele, CEO, BF.direkt AG

The ECB should continue to hold back on lowering key interest rates

The ECB's decision to leave key interest rates unchanged is understandable and correct. Despite the poor economic situation, there is still a risk that inflation will rise again.

StatementsReal Estate

BF. Quarterly Barometer Q3 2025: Significant upturn in sentiment among real estate financiers

The main reason is better refinancing conditions. New business is increasing, but less strongly than in Q2. Banks are financing on a larger scale again. Falling margins as a sign of increasing competition.

MarketsReal Estate
Francesco Fedele, CEO, BF.direkt AG

100 days of the Federal Government: Statement by Francesco Fedele, BF.direkt AG

After 100 days of the new federal government, I see bright and dark sides for the real estate industry. It started with great promises for more economic growth.

StatementsReal Estate
Foto von bruno neurath-wilson auf Unsplash

Statement by Francesco Fedele, CEO, BF.direkt on the ECB interest rate decision

It will be exciting to see how the ECB will decide at the next interest rate date in September. At least one more interest rate cut this year has already been priced in on the financial markets.

StatementsMarkets