Impressions from Thomas Aigner, Managing Director and owner of Aigner Immobilien GmbH, dated 8 October 2026
Expo Real is always regarded as a barometer of sentiment in the property sector. This time, however, sentiment was not as bad as predicted, and despite numerous public statements that they would not be attending this year, the exhibition halls were full. Last year, many people were discussing when interest rates would fall again. This year, nobody was talking about that anymore. Instead, there was much discussion about how far prices would fall. A sense of realism has taken hold in the sector.
A sense of pragmatism prevailed at the exhibition stands, yet this autumn many are left with a feeling of uncertainty. The reasons are well known: interest rates are high, as are construction costs anyway. The crisis in new housing construction, on the other hand, is deep-seated. Despite the so-called ‘construction boom’, progress is too slow – partly because towns and local authorities are slow to make use of their new leeway. In conurbations in particular, the shortage of housing is becoming a massive problem. The outcome of the election in Berlin is doing its bit to unsettle investors.
Nevertheless, many agree: things are never as bad as they seem. A little more optimism is called for – especially in the city that is home to Expo Real. Munich is and remains a strong location, both economically and in terms of quality of life. Tech firms are drawn to the Isar, as are people who want to live here anyway. The decision in favour of Germany’s Olympic bid alone is giving the city’s image a noticeable boost. Furthermore, compared with the broader political climate in Berlin, it is clear that Munich has remained business-friendly and supportive, despite the Greens being part of the coalition government.
Even if one or two people look back on past conditions with a touch of nostalgia, it was clear to everyone that, in the end, things aren’t quite as bad as the gloomy forecasts had suggested. The industry is tackling the problems head-on, rather than just complaining.
