Portfolio in the Development Business
Vonovia Development Under the BUWOG Brand Name
It is under the established BUWOG brand that Vonovia’s property development business is run, primarily in Vienna and Berlin.
The regional distribution of these development activities covers the whole of Germany with a focus on the Berlin, Rhine-Main, Dresden/Leipzig, Hamburg, Stuttgart and Munich regions. The focal region in Austria is Vienna.
Development Business Model
BUWOG provides Vonovia with a development platform spanning the entire value chain – from the purchase of land to its development, project planning, construction and sale.
With its substantial product pipeline of residential construction projects that are currently being built, planned or prepared, Vonovia, with the BUWOG brand, ranks among Germany’s leading real estate developers and is the most active private real estate developer in Austria.
Deutsche Wohnen’s development activities are performed via the structures of the BUWOG organization on the basis of an agency agreement to leverage process harmonization effects and economies of scale. Vonovia has vast development potential at its fingertips to counter the excess demand in the residential real estate sector by making targeted services available. The development business is well positioned for new growth even after the changes in return requirements.
Development to Sell and Hold (Number of Residential Units)*
Sustainable and Successful Development
Development Business Model
As part of the strategic analysis, Vonovia’s development activities were considered to make an important value contribution, the development business was identified as a key value driver and corresponding initiatives were developed.
The range of products for value creation ranges from the sale of individual new-build condominiums in the context of development projects to new construction projects on land purchased, and land already held, for the company’s own portfolio and global sales of large-scale projects to investors.
Conceptual and technical solutions for the resource-light construction and sustainable operation of neighborhoods make up a key component of the development business model. In line with the three focal issues of urbanization, energy efficiency and demographic change, central aspects of sustainability are already taken into account in the early stages of project development. This includes designing socially diverse neighborhoods that offer housing for all generations, realizing energy-efficient new construction projects for ecologically sustainable operation by buyers, as well as for a carbon-neutral portfolio, and creating barrier-free and accessible housing for an aging society with changing housing needs.
Sustainability is achieved at all stages in the residential real estate value chain – from the selection of ecological and recyclable building materials, to the commissioning of local craftsmen and service providers, and the sustainable operation of the development projects.
Certification is important to ensure that potential improvements can be made back at the planning stage on the basis of criteria for ecological, social and economic sustainability and managed during the construction process.
Value Creation and Project Development
Real estate development activities can be tackled successfully through long-standing experience, extensive market and sector expertise and intensive, ongoing market analysis.
The strategy of incorporating process steps into the company’s own value chain allows Vonovia to provide targeted support to residential construction projects and to exploit cost synergies with regard to technical solutions and the pooling of procurement volumes.
We work tirelessly and hand-in-hand with external partners to create affordable homes quickly, including by using serial construction and innovative digital solutions. We aim to use active and constructive dialogue with policymakers and municipal authorities to advocate for faster decision-making processes (e.g., construction turbo, building type E), allowing us to effectively counteract the existing shortage of housing.
In the Development segment, we make a distinction between two different areas:
- Development to sell includes the units that are sold to investors or to future owner-occupiers directly.
- Development to hold refers to those residential construction projects whose apartments will be added to Vonovia’s rental portfolio upon their completion.
Valuable Contributions to Society and the Group
Development Overview
As of December 31, 2025, the total volume of the development portfolio was 56,446 residential units (December 31, 2024: 47,840 units), comprising 4,235 units from projects under construction (December 31, 2024: 3,736 units) and 52,211 units from the pipeline (December 31, 2024: 44,104 units).
As of December 31, 2025, there were 22,543 residential units in the Development to sell portfolio (December 31, 2024: 17,560 units), 2,899 of which related to projects under construction (December 31, 2024: 2,491 units), 3,514 to projects from the short-term pipeline (December 31, 2024: 1,699 units) and 16,130 to projects from the medium-term pipeline (December 31, 2024: 13,370 units).
The share attributable to project development in Germany came to 20,491 units (December 31, 2024: 15,994 units), 2,805 of which related to projects under construction (December 31, 2024: 2,491 units), 2,640 to projects from the short-term pipeline (December 31, 2024: 1,171 units) and 15,046 to projects from the medium-term pipeline (December 31, 2024: 12,332 units).
The share attributable to project development in Austria came to 2,052 units (December 31, 2024: 1,566 units), 94 of which related to projects under construction (December 31, 2024: 0 units), 874 to projects from the short-term pipeline (December 31, 2024: 528 units) and 1,084 to projects from the medium-term pipeline (December 31, 2024: 1,038 units).
There is also further potential of 1,787 units as of December 31, 2025 that have not been realized yet in connection with planned land sales in the Development to sell portfolio (December 31, 2024: 4,176 units that had not yet been realized).
In the Development to sell area, a total of 1,290 units were completed in the 2025 fiscal year, all of them in Germany (2024: 2,471 units, all of them in Germany).
As of December 31, 2025, there were 33,903 residential units in the Development to hold portfolio (December 31, 2024: 30,280 units), 1,336 of which related to projects under construction (December 31, 2024: 1,245 units), 1,401 to projects from the short-term pipeline (December 31, 2024: 1,357 units), 28,412 to projects from the medium-term pipeline (December 31, 2024: 27,678 units) and 2,754 to projects from the long-term pipeline (December 31, 2024: 0 units).
The share attributable to Germany came to 27,666 units (December 31, 2024: 24,171 units), 669 of which related to projects under construction (December 31, 2024: 1,005 units), 932 to projects from the short-term pipeline (December 31, 2024: 914 units) and 26,065 to projects from the medium-term pipeline (December 31, 2024: 22,252 units).
The share attributable to Austria came to 3,483 units (December 31, 2024: 3,350 units), 667 of which related to projects under construction (December 31, 2024: 235 units), 469 to projects from the short-term pipeline (December 31, 2024: 443 units) and 2,347 to projects from the medium-term pipeline (December 31, 2024: 2,672 units).
The share in Sweden came to 2,754 units (December 31, 2024: 2,759 units). 0 units related to projects under construction (December 31, 2024: 5 units) and 2,754 from the long-term pipeline (December 31, 2024: 2,754 units).
In the Development to hold area, a total of 800 units were completed in the 2025 fiscal year (2024: 1,276 units), of which 777 units were in Germany (2024: 1,264 units), none were in Austria (2024: none) and 23 were in Sweden (2024: 12 units).