WEAK FIRST HALF
At the end of the first half of 2023, the volume of capital investments was only around €2.63 billion. This was significantly below the prior-year figure of 63% and also 69% below the long-term average. Overall, the weakest first half-year since 2011 was recorded. Investment activity on the German residential investment markets again was unable to pick up significantly in the second quarter. In addition to a number of macroeconomic uncertainties, more difficult or more expensive debt financing - encouraged by the tight cycle of interest rate hikes - continued to keep transaction activity very subdued. The price discovery phase has not yet been completed, with the result that price differences still exist for the greater part between purchase and sale requests. There is consequently still a lack of large-volume deals ready for the market.