Immobilien: Mieten steigen schneller als Baukosten – Kapitalanleger kehren an den Immobilienmarkt zurück

Düsseldorf – Despite a restrained second quarter, capital investors are returning to the real estate market, according to a recent study by building finance intermediary Hüttig & Rompf, exclusively shared with the Handelsblatt. Their share of financed funds rose from 15.7 percent in the second quarter to 21 percent, reaching the usual level.

The surge in Iran's war led to a significant increase in financing interest rates, causing a noticeable decrease in investor interest. Conversely, building interest rates, for ten-year fixed-rate loans, consistently stayed above the four percent mark in the third quarter, as reported by the financing intermediary. Capital investors, unlike self-occupiers, benefit from steadily rising rents while property prices only moderately increase, making the return on investment attractive even with higher building interest rates.

The German Association of Pfandbrief Banks (VDP) indicates that lease agreements for apartments increased dynamically due to the substantial shortage of housing, up by 3.5 percent compared to the third quarter of 2025. As lease growth significantly exceeded property price growth, returns for investors noticeably increased. However, investing in real estate will become more challenging: "The current market conditions, including the significantly increased financing costs since the beginning of the year, make real estate investments as a whole more challenging," stated VDP CEO Jens Tolckmitt.

For real estate buyers, Hüttig & Rompf emphasize that the required equity remains the biggest hurdle. "In the current economic environment, many people struggle with saving sufficient equity. Anyone considering buying or building should clarify how much equity is available and secure conditions as soon as the property and financing align," said Benjamin Papo, Hüttig & Rompf's managing director.

Capital investors now contribute nearly as much equity as they did a year ago, at 26.7 percent. By the end of 2025, the equity ratio had slightly exceeded 25 percent, while for self-occupiers, it was 30.7 percent.