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Primonial REIM Germany Convictions as of Q2 2022

The real estate climate plummeted dramatically in the second quarter of the year. While uncertainty still prevailed at the outbreak of the Ukraine war, this has now given way to an extremely pessimistic underlying mood. In addition to the ongoing war in Ukraine and the associated concerns about energy shortages, the reasons include inflation, recession risks and higher interest rates. This multitude of factors has led to a significant decline in the willingness to invest. In many cases, prices are expected to fall, resulting in only a few transactions. Sellers, in turn, are having to adjust their purchase price expectations in some cases in order to find a buyer for their properties at all at present. A look at the different asset classes reveals a comparatively homogeneous picture, especially when looking at the changes from May 2022 to July 2022.