RESTRAINED FIRST HALF-YEAR
After a significantly more restrained start to the year on the German residential investment market than in the previous year, this trend continued in the course of the second quarter. In the first half of 2022, a good €7 billion was invested in larger residential portfolios (30 or more residential units) nationwide. Around €3 billion of this was invested in the second quarter. Compared to the half-year result from the record year 2021, this corresponds to a decline of almost 30%. The long-term average was also missed by 19%. The attitude of many investors has become much more wait-and-see in recent months, not least due to the interest rate turnaround now being heralded by the ECB. The rising financing costs mean that many investors are constantly forced to recalculate. To a certain extent, this is consequently also reflected in the investment volume. Nevertheless, a total of around 80 transactions were registered for the second quarter, which is an above-average figure in a long-term comparison. So there can be no talk of a standstill on the residential investment market, as could be observed in the first weeks of the Corona pandemic.