If inflation stabilises at current levels and GDP growth slows noticeably due to lower US demand for European goods as a result of the tariff increases, I think a 25 basis point rate cut in December is likely.

"As expected, the ECB has left key interest rates unchanged in order to continue to monitor the currently rather stagnating economic development. If inflation stabilises at current levels and GDP growth slows noticeably due to lower US demand for European goods as a result of the tariff increases, I think a 25 basis point rate cut in December is likely.

The long-term interest rates, which are particularly important for the real estate industry, mean that the level that has been relatively stable for several months now will be maintained, with the risk of only a small increase. The reliability of financing costs thus achieved increasingly enables a serious calculation of investments and should provide a tailwind for the incipient market recovery."