Capital Markets Outlook

Investors have long focused on real estate. While 2024 was dominated by price slumps, sluggish project developments and insolvencies, positive signs are emerging for 2025. In addition to the correction within Vonovia’s own portfolios, another development that stood out was investor demand for real estate on the capital market, which had already started to increase significantly in the second half of 2024. We expect this trend to continue for investment grade companies in 2025.