Statements

Personal comments and statements on current developments from and for the real asset world

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Dr. Wulff Aengevelt, geschäftsführender Gesellschafter Aengevelt Immobilien (Credits: Aengevelt Immobilien)
Comment

“Aengevelt: Federal housing association does not solve any problems.”

Aengevelt criticizes the planned Federal Company for Affordable Housing as ineffective and without added value. Existing players such as BImA and KfW were sufficient; structural obstacles are the problem. Luczak and the EBZ Business School also express skepticism.

Comment

The economic environment has become difficult enough for property developers due to the global crises, the development of the interest rate landscape and real estate prices.

The economic environment has become difficult enough for property developers due to the global crises, the development of the interest rate landscape and real estate prices. Now there is also the shortage of skilled workers, which has been predicted for years.

Comment

Always the same agenda – and yet this time it could be different

Anyone who reads the agenda of INVESTMENTexpo 2026 understands the program. If you listen carefully, you have the chance to understand the market.

Ulrich Creydt, Steuerberater und Geschäftsführer der Ypsilon Group (Bildquelle: Ypsilon)
Comment

“Stabilization yes, new dynamics rather not”

Stefan Hoenen, Head of Commercial Real Estate at Hamburg Commercial Bank, comments on today's interest rate decision by the European Central Bank.

Comment

“Stabilization yes, new dynamics rather not”

Stefan Hoenen, Head of Commercial Real Estate at Hamburg Commercial Bank, comments on today's interest rate decision by the European Central Bank.

Francesco Fedele Vorstand
Comment

“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.

Steffen Sebstian (Urheber: Christian Buck)
Comment

“We are currently in a transition phase: away from a slowflation environment with weak growth and slowly falling inflation at the same time, towards a phase with a high risk of stagflation”

Prof. Dr. Steffen Sebastian, Chair of Real Estate Financing, IREBS Institute for Real Estate Economics, University of Regensburg on the ECB's current interest rate decision.

Comment

Market commentary: ECB remains in wait-and-see mode despite rising headline inflation

The ECB is leaving the deposit rate unchanged at 2.0% despite higher headline inflation. While inflation in Germany rose to 2.9% in April and core inflation fell to 2.3%, the central bank remains data-driven and waits. For the real estate market, the interest rate pause means stability in the short term; if price pressure persists, a further tightening is possible in the summer.

News

Building Modernization Act: Abolition of the Heating Act for Landlords Canceled

The Federal Government is planning a new Building Modernisation Act as a successor to the Building Energy Act; a cabinet decision is scheduled for 13 May 2026. According to media reports, the coalition wants to introduce a cost brake for tenants, whereby landlords would share in the follow-up costs of new fossil heating systems. The IVD criticizes this as a brake on investment and withdrawal of the announced freedom of choice in the boiler room.

Comment

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.

Article Discussion

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.

Article Discussion

Prospects for office properties: The future lies in hybrid concepts, space efficiency and new uses

The market for office properties is changing: new strategies such as space expansions, multi-use concepts and adaptation of use are presented. Companies such as AUKETT + HEESE and CELLS successfully carry out projects to realign existing properties.

Jaime Pascual-Sanchiz, CEO Savills Iberia and Head of Southern Europe (Source: Savills)
Comment

Southern Europe’s real estate markets: Stronger for longer

Savills predicts that real estate markets in Southern Europe will grow faster than the EU average in 2026, supporting demand for real estate and investor sentiment. Spain, Portugal and Greece are expected to show above-average GDP growth, and the countries also recorded record transaction volumes in the real estate sector in 2025.

Foto von IKECHUKWU JULIUS UGWU auf Unsplash
Analysis Discussion

East German B and C locations are moving into the focus of investors

Real estate markets in East German B and C cities such as Magdeburg, Erfurt and Chemnitz are stabilising with solid fundamentals and attractive yields. Despite structural challenges and demographic change, the market offers opportunities for selective investment strategies.

Andreas Ewald, Head of Hotel bei Colliers
Bildquelle: Colliers
Quarterly Report

Colliers: Europe is picking up, Germany remains selective – operator structures as central value drivers in the hotel investment market

The European hotel investment market will show positive developments in 2026, while Germany will be selective. Operator structures are seen as central value drivers, which shapes investors' assessment of operator quality and contract structures.

Analysis Comment

Saving the heat transition: Analysis paper warns of fossil lock-in in planned building modernisation law

An alliance of municipal companies, utilities and an umbrella association under the initiative of the LBD consulting company warns of the consequences of the Building Modernization Act (GMG) in its currently planned design.

Comment

“The promised boost with increased tender quantities for wind power is an important sign of the achievement of the ambitious climate targets.”

Statement on the Federal Government's Climate Protection Programme by Thomas Lehmann MRICS, CVA, HypZert F, Director at Wüest Partner.

Comment

Market comments on the climate protection programme of the German government: “The direction is right, but the effect is not decided on the street, but in the building.”

Patrick Lange, Managing Director at agradblue | part of Westbridge, and Markus Hamacher, Managing Director at Westbridge, with statements on the climate protection program of the German government.

Prof. Dr. Felix Schindler, HIH Invest (Copyright: HIH Invest)
Comment

“By maintaining the key interest rate level, the ECB is confirming market expectations.”

The ECB is keeping the key interest rate stable. Due to uncertain data and unclear Middle East consequences, an increase remains open, but is more likely. Rising long-term yields are influencing real estate markets; Quality and resilience are becoming central to investors.

Steffen Sebstian (Urheber: Christian Buck)
Comment

“The ECB is right to leave key interest rates unchanged.”

The ECB is leaving interest rates stable and is waiting because of geopolitical risks. Financial markets are reacting moderately, with long-term interest rates rising only slightly. For real estate, this means stability for the time being with an increased risk level.

Maximilian Radert (Copyright: KINGSTONE RE)
Comment

“The ECB left key interest rates unchanged at its March meeting – as we expected.”

The ECB is pausing the key interest rate, but geopolitical tensions and higher energy prices are clearly shifting the risk in the direction of possible increases. Inflation expectations are now decisive – if they rise, the ECB is likely to have to act.

Francesco Fedele Vorstand
Comment

“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.

Symbolbild Quelle: Gemini/KI
Analysis Comment

Periscope Logistics publishes white paper on Defence Properties

Periskop Logistics has published a new white paper on Defence Properties in the logistics real estate market. In it, Dr. Kilian Mahler and Prof. Dr. Thomas Beyerle analyze the development of this new investment segment.

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