Verband deutscher Pfandbriefbanken (vdp)

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Competitiveness of the banking sector

The vdp welcomes the EU communication on the competitiveness of the banking sector, but criticises the lack of concrete measures. In view of rising capital requirements, he calls for the output floor to be permanently fixed at 50%; Otherwise, affected banks would have to hold around 20% more capital by 2032.

RegulatoryStatements

vdpConsulting awarded as “Top Consultant”

vdpConsulting AG has been awarded the title of "Top Consultant". The basis is a customer survey conducted by WGMB on behalf of compamedia. The award ceremony took place at the German SME Summit in Heidelberg.

Dynamics
Quelle: vdp-Emissionsklima

vdp emissions climate records slight losses

The vdp issuance climate declined slightly in June 2026: overall score +11 (previously +17), Pfandbriefe +7 (previously +14), unsecured bank bonds +16 (previously +22). Demand for Pfandbriefe remains high, the outlook is slightly subdued; many expect 10-year Bund yields to be 3.0–3.2%.

EnergyMarkets

More real estate loans at the start of 2026

In the first quarter of 2026, the institutions affiliated to the vdp granted real estate loans worth more than EUR 39.8 billion (+5.9% on the previous year, +4.2% on the previous quarter). Housing loans amounted to 25.2 billion, commercial loans to 14.6 billion; the vdp criticises WIFSta-LTVs as distorting and warns against interventions.

Markets

Gero Bergmann remains vdp President

At its general meeting in Frankfurt, the Association of German Pfandbrief Banks (vdp) confirmed Gero Bergmann as President for a further two years. Birgit Dietl-Benzin (DekaBank) and Jörn Joseph (pbb) are new members of the Management Board.

Dynamics

Joint press release by vdp and vdpResearch: Real estate prices to rise at the beginning of 2026

The vdp real estate price index shows an increase of 2.2% in the 1st quarter of 2026 compared to the previous year: residential +2.3%, office +1.9%, retail +1.5%. The effects of the Iran war are still hardly measurable. New trade indices developed with the Bundesbank are incorporated into the methodology.

MarketsReal Estate

vdp criticises EU Commission’s drafts for the revision of the EU taxonomy

The Association of German Pfandbrief Banks (vdp) criticises the EU Commission's drafts for the revision of the EU taxonomy as impractical and too complex. The proposals would rather slow down renovations, make it more difficult to apply in real estate financing and thus hinder the generation of taxonomy-compliant loans; the vdp demands, among other things, the waiver of DNSH testing obligations for renovations as well as practicable criteria. In addition, the association warns against a premature tightening of new construction standards and calls for more functional definitions for "green" buildings.

RegulatoryStatements

Pfandbrief banks expand new real estate business and issue volume in the 2025 financial year

In the 2025 financial year, the Pfandbrief banks increased both their real estate loan volume and Pfandbrief revenue, despite a challenging market environment. President Gero Bergmann highlighted the successful management of the year and forecasts continued slight increases in real estate prices and positive business prospects for 2026.

MarketsReal Estate

Significant growth in real estate loans

In 2025, the financing volume of vdp member institutions for real estate loans rose by 15.7% to EUR 148.6 billion, with residential real estate loans accounting for the largest share of the increase.

Markets
vdp Index Q4-2025 (Quelle vdp)

Up 4%: Real estate prices confirm upward trend in 2025

In 2025, real estate prices in Germany rose by 4.0%, led by residential real estate. The managing director of the vdp, Jens Tolckmitt, emphasised the challenges and necessities to support the market.

MarketsReal Estate
Quelle: VDP

vdp emissions climate – Positive mood on the Pfandbrief market

The vdp member institutions report a positive mood in the Pfandbrief market, with improved scores for unsecured bank bonds and Pfandbriefe. The year 2025 showed strong growth in new emissions.

MarketsReal Estate
Foto von Claudio Schwarz auf Unsplash

EU Taxonomy: Preserving ambition, facilitating application in the real estate industry

The Association of German Pfandbrief Banks and the Energy Efficient Mortgages Hub Netherlands are calling for a pragmatic revision of the EU taxonomy for the real estate industry. In a joint White Paper, they propose seven adjustments to facilitate the application of the directives and promote the financing of sustainable construction projects.

MarketsReal EstateRegulatory

Demand for real estate loans continues to rise

Real estate loans from vdp member institutions reached a volume of EUR 107.3 billion from January to September 2025, an increase of 18.2% compared to the previous year. Residential real estate loans in particular made a significant contribution to this.

MarketsReal Estate