Admittedly, the extremely benign German interest rate environment has played a key role on this front as well.The German listed real estate players still account for less than 4% of the entire residential real estate market in the country, according to Vonovia. What it calls “amateur” (mom ‘n’ pop, in many cases) landlords control over 15 million of the estimated 24 million housing units in Germany. This provides meaningful room for market consolidation and growth in the case of market leader Vonovia.

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