"There are many indications that long-term interest rates will rise rather than fall in the future."

"The real estate industry has already adapted to higher financing costs and the ECB's key interest rate hike has long been priced into the capital markets. There are many indications that long-term interest rates will rise rather than fall in the future. Higher defence spending, increasing investment needs and a low willingness to reform will lead to higher public debt, which at least does not speak for a return to the capital market interest rates of recent years. Historically, interest rates have tended to be in the middle range. For the real estate industry, this does not necessarily mean another crisis, but it does mean the need to align business models and calculations with higher financing costs once again, this time permanently."