{
  "id": 3673830,
  "title": "Immobilien: Großanleger aus dem Ausland kehren an den deutschen Immobilienmarkt zurück",
  "url": "https://urgent.news/2026/08/27/immobilien-gro-anleger-aus-dem-ausland-kehren-an-den-deutschen",
  "topic": "business",
  "section": "Business",
  "published": "2026-08-27T05:25:00.000Z",
  "source": {
    "name": "Handelsblatt",
    "slug": "handelsblatt",
    "url": "https://www.handelsblatt.com/finanzen/immobilien/immobilien-investoren-suchen-wieder-nach-wohnimmobilien-01/100249240.html"
  },
  "original_language": "de",
  "account": "Foreign investors are returning to the German real estate market. Stefan Haas, Business Manager at MEAG, a Munich-based asset manager, stated that the market currently sees a clear buying trend. Particularly, foreign investors who had previously avoided the German market have returned, finding prices attractive. MEAG, with an asset value of around 16 billion euros, is one of the major investors in the country. It is a subsidiary of the DAX-concern Munich Re. In the first half of the year, a recovery was already noticeable on the German real estate market. Although the total investment in residential portfolios of 30 units or more amounted to approximately 4.4 billion euros, which was about three percent below the previous year's level, the increasing number of deals showed that the market had changed. Large deals of 100 million euros or more contributed barely to the market compared to the past ten years. The share of such deals decreased to 34 percent, down from nearly 40 percent a year earlier. The market is changing, offering immense opportunities for large players. For a deal to be attractive, it should be worth around 80 million euros or more. Those who still participate are in a promising position. Smaller objects with attractive prices are available in the market, with fewer competitors and less need for external financing. MEAG, for example, buys shares of Munich Re for institutional investors that will later be held for a long time. MEAG generally finances such acquisitions with no more than 20 to 30 percent. The current market offers a good chance-to-risk ratio, presenting good opportunities. Foreign investors see that many assets are undervalued, not only in Germany but also in other European countries. Open real estate funds have lost around 14 billion euros in client funds over the past three years, a decrease of nearly one eighth since 2023. Many of these funds are currently selling parts of their assets under time pressure to pay off customers who have cancelled their shares. MEAG's Haas received some offers for such properties, with a handful of selected addresses as potential buyers. The seller often gets the chance to sell when the buyer can pay quickly and reliably. \"Security of transaction is very important to the sellers,\" Haas said. The core elements that make a property attractive to investors have changed. Historically, it was about good location and reliable tenants. Today, energy efficiency and the ability of a property to meet high tenant demands in ten years are crucial. \"The market has become much more demanding,\" Haas noted. Financing: With interest rates around four percent, high leverage in new construction hardly pays off anymore. The return on investment would have to be higher, which is rarely achieved due to high construction costs and low rental levels. Banks are also more restrictive in lending and require a clear concept for value increase, which is a challenge for many investors. Prices are falling. For most sellers, the two years following the interest rate hike in 2022 were a shock. As financing became more expensive, buyers were no longer willing to meet their previously high price expectations. Now, buyers and sellers are finding better alignment than last year. \"Whereas 38-40 times the yearly rent used to be a reasonable price, now it's 28 times, even 30 times for particularly good objects,\" Haas observed. The situation: Historically, MEAG holds more than half of its assets in Germany for diversification reasons. They recently sold smaller units and acquired properties in Western Europe, first in Amsterdam and later in Dublin. They now plan to actively invest in Spain, mainly in Madrid and Barcelona. MEAG has also built a portfolio of around 500 million dollars in residential properties in the USA. Stefan Haas described the search corridor as generally targeting metropolitan areas with a predictable influx over a long period. Large housing supply cannot keep up with the demand in such areas, including major university cities as well as generally large cities.",
  "summary": "Großanleger haben deutsche Wohnhäuser lange gemieden. Jetzt kehren sie zurück. MEAG-Immobilienchef Haas erklärt, warum gerade ausländische Investoren auf den deutschen Markt setzen.",
  "key_points": [
    "Foreign investors returning to German real estate market",
    "MEAG, DAX-concern Munich Re subsidiary, major investor",
    "Market changing, focus on energy efficiency and tenant demands"
  ],
  "editors_take": "The return of foreign investors to the German real estate market signals a shift in favor of buyers, who now find prices attractive and can capitalize on undervalued assets and sellers' need for quick, reliable transactions.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}