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Comment Weekly

The more division of labor the fund world becomes, the more bank-like its governance becomes

BaFin submits draft of KAGB amendments. Lending is not part of portfolio management and can be outsourced, if necessary with a KWG licence requirement. MiFID services remain permissible, but must be clearly assigned and transparently mapped in the licence notice.

by Tobias Moroni | Institutional Investment Partners

News

DAHLER analysis: Prices for premium apartments in Düsseldorf are rising – but not in District 1

Düsseldorf's premium residential market grew by 3.2% from Q1-2025 to Q1-2026 to €9,062/m². In District 1, the median price fell to €8,856/m². DAHLER observes a convergence of price levels; Values above €10,000/m² are rarely reached.

by DAHLER

Markets Real Estate

Quarterly Report

Premium real estate market in Germany: Supply continues to grow, apartment prices fall

DAHLER analyzes Q1 2026: In the top 7 cities, the supply is growing significantly. Premium apartments increased by 17%, premium houses by 11.7%; Median prices: apartments -3%, houses +0.9%. After the ECB key interest rate hike, DAHLER CEO Björn Dahler expects even more selective buying behavior.

by DAHLER

Markets Real Estate

Analysis

Interest rates are dividing the housing market

The Munich condominium market picked up at the start of the year: contracts +8.8% to 1,485, cash turnover +6% to 792 million euros. The luxury class remains robust; In 2025, there were record deals of up to 26.5 million euros.

by Aigner Immobilien GmbH

Markets Real Estate

News

Micro-living remains a growth driver in the housing market

The market report of the Micro-Living initiative reports continued high demand: occupancy rate 96%, average all-in rent 616 euros/month, private sector 761 euros. Annual rent increases of 2–6% are expected until 2028.

by bulwiengesa GmbH

Markets

Lateral Towers Klassenraum
Copyright: Stadt Frankfurt am Main / Chris Christes

Article Discussion

Between renovation backlog and investment opportunity: Educational real estate is becoming a strategic asset class

The role that private capital can play in the expansion of schools, daycare centers and other educational institutions was discussed by Robert Feldt, CapMan, Tanja Volksheimer, NEXT Generation Invest, and Jan Trenn, CELLS, at an online press conference organized by RUECKERCONSULT.

by CapMan Real Estate

Infrastructure Markets Real Estate

Article Comment

“Trust instead of general suspicion”: IVD calls for ownership offensive and change of course in housing policy

IVD President Dirk Wohltorf has opened the German Real Estate Day 2026 in Erfurt and called for a change of course in housing policy. He advocates a property offensive with real estate transfer tax exemption and equity-replacing loans for first-time buyers. Tenancy law must remain fair.

by Immobilienverband Deutschland IVD Bundesverband e. V.

Markets Real Estate Regulatory Statements

News

Ypsilon expects more continuation funds in the next 18 months

Ypsilon expects more continuation funds in the next 18 months. The reasons are difficult exit markets and longer holding periods; GPs use the vehicles to provide liquidity to LPs and leverage value potential. Institutional investors are showing strong interest, some with thematic funds.

by Ypsilon Group

Markets Private Equity

Analysis Forecast

Avison Young Outlook H2 2026: The real estate market will be slowed down, but the recovery will not be completely slowed down

Avison Young sees a slowed but sustained recovery of the German real estate markets in the H2 2026 outlook: The Iran conflict and higher interest rates are dampening activity and prices. User markets remain cautious; Financing is sometimes reaching its limits. A complete stalling of the recovery is not expected.

by Avison Young

Markets Real Estate

News

Ireland’s EU Presidency offers opportunity to strengthen Europe’s hydrogen leadership

Vor Irlands EU-Ratspräsidentschaft ab 1. Juli 2026 diskutierten Vertreter aus Regierung, Forschung und Industrie in Dublin die Rolle von Wasserstoff für Wettbewerbsfähigkeit, Energiesicherheit und Klimaziele. Stimmen aus Politik und Branche fordern mehr Forschung, Partnerschaften und Infrastruktur für den Markthochlauf.

by Hydrogen Europe Research

Energy Markets Regulatory

Analysis Report

JLL: Deficit in housing construction is higher than previously assumed

JLL sees new residential construction in 2026 at a historically low level: the actual deficit is around 80,000 apartments per year. Metropolises suffer from shortages, rural areas partly from oversupply; Record construction costs are depressing profitability, and initial signals remain fragile.

by JLL

Markets Real Estate

Analysis Forecast Report

Affordable housing is once again the focus of institutional investors

CBRE once again sees affordable housing as an attractive investment option for institutional investors. Public subsidy programs and tax incentives improve profitability. The focus is shifting towards long-term cash flow strategies.

by CBRE

Markets Real Estate

Analysis Comment Weekly

Private Credit and the Wrong Side of the Balance Sheet

US private credit funds have recently seen strong redemptions and liquidity pressures, while Europe has remained largely stable. According to the analysis, the difference lies less in the loans than in the investor structure: retail-driven vehicles vs. institutional investors.

by Tobias Moroni | Institutional Investment Partners

Markets Private Debt

Analysis Report

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%.

by Verband deutscher Pfandbriefbanken (vdp)

Energy Markets

Martin Schaffer, Geschäftsführer bei mrp hotels

Analysis Report Survey

Trend survey by mrp hotels: Hotel properties remain a sought-after asset class despite challenging market conditions

The mrp-hotels trend survey of 42 market participants shows that hotel investments are considered an attractive asset class despite high financing costs; over 90% see hotels at least as attractive as others. 45% expect portfolio shares to increase; Spain is considered the most dynamic market. Interest and construction costs remain hurdles.

by mrp hotels

Markets Real Estate

Frederic Engelmann, neuer CFO der HT Group. Bildrechte: HT Group.

Analysis Forecast

Statement on the Real Estate Arena 2026 / Frederic Engelmann, CFO of HT Group

Frederic Engelmann (HT Group) reports a slight improvement in the mood at the Real Estate Arena in Hanover: more willingness to cooperate and harmonized calculation bases. The focus: faster permits, less bureaucracy, simpler housing regulations; new projects from H2 and 2027.

by HT Group

Markets Statements Statements

News

Making the market for reactive power more efficient: Study sees potential for relief in grid charges

A study by Alterric and E-Bridge shows deficits in the young market for the procurement of reactive power: fragmentation, lack of standards and transparency. Four short-term measures are intended to strengthen efficiency and competition and thus relieve grid charges for industry and households.

by Alterric GmbH

Energy Infrastructure Markets

Analysis Report

Aengevelt: Rent level has no influence on life satisfaction.

Aengevelt analyzes 40 major German cities: There is practically no correlation between rent levels and life satisfaction (corr. -0.08). High rents result primarily from urban attractiveness and opportunities; Examples: Düsseldorf, Wiesbaden, Munich, Stuttgart, Hamburg.

by Aengevelt Immobilien

Markets Real Estate

Analysis Report

Hamburg apartment building market: Between revival and reclassification

The Hamburg apartment building market picked up noticeably in 2025: approx. 510 transactions and a volume of around EUR 1.82 billion (+65%), average prices at EUR 3,290/m². Buyers are acting more selectively, rents are rising. In 2026, a more restrained dynamic is emerging.

by Robert C. Spies KG

Markets Real Estate

Analysis Report

CBRE study: E-commerce is a growth driver for retail and logistics real estate in Europe

CBRE sees European e-commerce back on track for growth; adjusted for inflation, online spending is only about 1% below the record of 2021.E-commerce is driving demand for logistics space, while stores are becoming more part of the fulfillment chain and automation is increasing.

by CBRE

Markets Real Estate