Vonovia SE on the Capital Market

Shares in Vonovia

After almost all sectors showed negative capital market performance in 2022, the DAX 40 and EURO STOXX 50 bounced back in the first three months of 2023 (DAX 40 12.2 %; EURO STOXX 50 13.7 %). The index for the real estate industry, EPRA Europe, continued to show below-average development (EPRA Europe –5.5%).

In particular, we put the negative performance of the real estate sector down to the higher interest rates and associated concerns over limited/insufficient access to liquidity and the concern over a drop in real estate values, producing an assessment of the industry that is excessively negative due to its general capital intensity. Rising bond yields also made real estate shares less attractive in relative terms. In this environment, at least the more short-term outlook for shares in German residential real estate was particularly pessimistic, not least against the backdrop of the marked drop in initial yields seen in recent years, and resulted in underperformance in an environment that was already challenging. Shares in Vonovia lost 21.3 % in the first three months of the year and closed the quarter ending on March 31, 2023 at € 17.34 (by way of comparison: EPRA Germany benchmark index –19.8 % in the first quarter of 2023).

This means that we are still observing an ever-wider gap between what remain pessimistic capital market expectations on the one hand, and the largely robust development on the residential real estate market on the other. While the capital market appears to be pricing in a large-scale correction for real estate assets, the residential property markets in which we operate remain relatively stable. This is due, in particular, to the favorable relationship, from an owner’s point of view, between supply and demand in urban regions, which have conventionally been long-term financing arrangements, tax aspects as well as the structural momentum on the revenue side.

As a result, even though Vonovia’s share price declined in the first three months of 2023, we still believe that our shares can reflect the positive operating development and ultimately the success of our business model as a whole, at least in the medium to long term. Our responses to key long-term megatrends – climate change, urbanization and demographic change – remain the dominant factors driving our business. We are optimistic as we look ahead to the future and are confident that we will remain financially successful.

The company’s market capitalization amounted to around € 13.8 billion as of March 31, 2023.

Share Price Development

Share Information (as of March 31, 2023)

Share Information (as of March 31, 2023)

First day of trading

July 11, 2013

Subscription price

€ 16.50 | € 14.71*

Total number of shares


Share capital

€  795,849,997





Ticker symbol


Common code


Share class

Registered shares with no par value

Stock exchange

Frankfurt Stock Exchange

Market segment

Regulated market


DAX 40, EURO STOXX 50, DAX 50 ESG, Dow Jones Sustainability Index Europe, STOXX Global ESG Leaders, EURO STOXX ESG Leaders 50, FTSE EPRA/NAREIT Developed Europe and GPR 250 World

  1. *TERP-adjusted.