The Company

Vonovia’s business model is based on the provision and rental of good-quality, contemporary and, most importantly, affordable housing, as well as the management of these properties. An established in-house craftsmen’s, residential environment and caretaker organization, coupled with extensive back-office functions, support us in our management and further development of our housing stocks.

Vonovia continues to develop its real estate portfolio through active portfolio management. In addition to acquisition, sale and modernization, this also includes building new apartments for our own portfolio and for sale to third parties. The business model is rounded off by the housing-related services we offer. The focus here is on offering energy supply services for electricity and heating, as well as automated meter reading.

This business model is based on a highly digitalized management platform allowing all stages in the value chain to be managed. This platform is one of the most important intangible assets within the business model.

Around 77% of Vonovia’s strategic real estate portfolio is located in contiguous neighborhoods that generally include more than 150 apartments. Designing sustainable homes that offer real quality of life always involves identifying what the relevant social structures need, taking into account the history of these neighborhoods. The development business is also consistent with the sustainable neighborhood concept.

This means that Vonovia’s business model makes a positive contribution to the pressing sociopolitical challenges of housing shortages and climate protection.

Vonovia manages a portfolio of around 471,000 of its own apartments (2024: around 480,000 apartments) in attractive German cities and regions. It also manages a portfolio of around 40,000 units in Sweden (2024: around 40,000 apartments) and approximately 20,000 in Austria (2024: around 20,000 apartments). The total fair value comes to around € 84.4 billion (2024: € 82.0 billion), with net assets based on the EPRA definition coming to € 39.3 billion (2024: € 37.2 billion).

At the end of the fourth quarter, in addition to its own apartments, Vonovia managed around 76,000 apartments for third parties (end of the fourth quarter of 2024: around 73,000).

This makes Vonovia one of the leading residential real estate companies in Germany, Austria and Sweden, albeit with a low market share of around 1.9% in Germany due to the highly fragmented nature of the market.

Vonovia’s roots and those of its predecessor companies extend back into the 19th century and lie in not-for-profit housing and housing for factory workers. This applies to Germany, and also to Austria and Sweden. Consequently, today’s strategic direction is consistent with the company’s roots.

Even back then, the aim was to provide good-quality, modern and affordable homes, in some cases using innovative concepts. Many of the housing developments built in that era were model projects of the time and are now covered by preservation orders. So the concept of the neighborhood already has strong roots in Vonovia’s DNA.

Living in what were known as “workers’ settlements” was about much more than just affordable living space. It was also about living in a social network with one’s colleagues and their families. The approximately 755 neighborhoods that the company has in its strategic portfolio today are one of Vonovia’s USPs and a focal point of its answers to the megatrends.

Via the non-profit company GEHAG, which was established in 1924, the Group has properties that are exceptional examples of architectural history from the Bauhaus and expressionist movements. These included new housing concepts that helped to shape the idea of a neighborhood and were even listed as UNESCO world heritage sites. Examples include the Hufeisensiedlung, Wohnstadt Carl Legien, Weiße Stadt and Ringsiedlung Siemensstadt developments.

The real estate development business and the property management business in Austria operate under the established BUWOG name. In Sweden, Vonovia operates under the name Victoriahem.