Week in review: From study to practice

This week, two studies took center stage in Frankfurt: The “German Debt Project 2025” (IREBS/Helaba) and the “5% study” (Bulwiengesa/Advant Beiten). With the major industry gathering at Expo Real in Munich just around the corner, both studies provide valuable insights into financing and yield requirements.

The key findings:

• Banks are financing more selectively, but competition among them is increasing again (fight for quality).

• 17 years of continuous regulation are restricting the banking business. The systemic risk buffer for residential real estate loans is not objectively justified.

• Residential real estate continues to be considered a safe investment. Yields in A cities have continued to decline slightly. Commercial real estate, from offices to logistics to hotels, is moving toward higher yields.

• Overregulation threatens to exacerbate the housing shortage. Tighter rental laws could deter investors.

• Many loans will expire in 2026. This could mark a turning point that enables additional transactions.

My assessment:

The question of realistic market value arises between financing and return expectations. Those who understand this area of tension have a clear advantage in the investment market. The next few years will show that it is precisely this balance that determines success in the investment market. Valuable transactions only arise from a combination of valuation expertise and market access.

Ronny Kazyska

Ronny Kazyska