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It shows that the central bank is taking the recent rise in inflation seriously and is reacting early. However, I would not yet speak of a return to the aggressive interest rate policy of 2022 and 2023.
For the real estate market, the decisive factor will be how much this step actually affects financing conditions. After all, in the end, it is not only the key interest rates that are relevant, but also the expectations of the capital markets.
The German real estate market is currently in a phase of cautious stabilisation. Initial price and transaction signals are pointing in the right direction, while at the same time the environment remains sensitive to rising financing costs.
New construction projects and heavily leveraged investments are again particularly affected. On the user market, on the other hand, the effects are likely to remain limited. Housing is still scarce, demand is high and new construction activity is too low to resolve the excess demand in the short term.
