DZ HYP：2025年德国房地产市场报告：新建住宅缩减 办公零售市场分化（英文版）

A number of negative factors have proved challenging for the real estate market in recent years, leading to a sharp decline in valuations. The motto “Survive till ‘25” has not only helped the market through the crisis, but has also proved accurate since the correction came to an end in 2024. Higher interest rates, climate investment and the structural change caused by home working and ecommerce have now been priced in. Real estate investment - which has declined sharply - could also pick up pace