"Aengevelt Residential Investment Index AWI remains at a high level."

• This is also due to lower investments in the construction of new rental apartments. The majority of survey participants do not see any short-term change here. For example, the proportion of respondents expecting an increase in investment has fallen to 10% (summer 2025: 16%), while the rate of those who expect a decrease in investment in new construction has risen to 51% (summer 2025: 41%). This confirms the statement of Dr. Wulff Aengevelt regarding the need for even more effective incentives for investors and project developers.
• The survey found stable or slightly increasing values for the importance of modernisation or refurbishment of housing stock: 24% of respondents expect increasing investment in modernisation and repair measures, compared to 23% in the summer of 2025. With regard to increasing investments in energy-efficient building renovation, the figure is 34% (summer 2025: 33%).

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* The AWI is a composite index and takes into account the future development of demand for rental apartments, the supply of rental apartments, vacancies and rents, as well as assessments of future supply, demand and purchase price developments in the residential investment segment.

• The expectation of the capital value development of residential investments can be seen from the AII (AENGEVELT Investment Index). This reached a historic low of 23.2 points in the 2023 summer survey.
  In the winter of 2023/24, a slight recovery of 28.2 points began, which continued continuously in the next three surveys to 59.5 points in the summer 2025 survey. In the current winter survey 2025/2026, the value fell to 53.9 points.
• The AII sub-index fell most sharply in middle locations, namely by 6.8 to 54.8. In simple locations, the AII also fell significantly by 5 points to currently 49.6. The good locations are also declining, but by only 3 points to currently 60.8.
• Across all location categories, a stable high proportion (42%) expects demand for residential investments to increase (summer 2025: 42%; Winter 2024/2025: 38%; summer 2024: 24%; winter 2023/2024: 12%). Only 12% expect demand to decline (summer 2025: 18%, winter 2024/2025: 21%). In the summer of 2023, the figure was still 67%.
• At the same time, 37% of the survey participants expect rising prices for residential investments (summer 2025: 47%; Winter 2024/2025: 38%; summer 2024: 26%; Winter 2023/24: 9%; Summer 2023: 7%)). The proportion of those who expect prices to fall has risen to 21% (summer 2025: 11%; Winter 2024/2025: 17%; Summer 2024: 29%; Winter 2023/2024: 57%; summer 2023: 69%). Overall, these values show that price discovery on the buyer and seller side is well advanced overall, but is still not completely completed.

• The AWI remains at a high level in the 2025/2026 winter survey. This continues to reflect favourable market conditions for the letting and sale of apartments and residential investments. However, the extent to which this will also be reflected in an increase in new residential construction in the future depends on the development of interest rates, on the regulatory framework conditions such as the construction turbo, building type E, etc., and on the development of land and manufacturing costs. As long as it remains difficult to present new residential construction economically, investors' interest is more focused on the housing stock.
• For tenants, especially in growth regions, the outlook remains unfavourable or continues to deteriorate: In view of the development of completion figures in particular, no relief on the housing market is expected in the medium term. Accordingly, a further increase in the rent level can be expected in tense housing markets. In addition, there is a rent cost burden that is well above average, especially for lower-income households. Here, too, no easing is to be expected in the short and medium term.