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Germany Convictions : Q4 2022 (only in English and German)

Winter is in full swing and even historically cold December weeks have not led to energy shortages or even blackouts in Germany. There is little to suggest that this situation will change in the coming months. It should therefore be noted that at least part of the energy crisis has been overcome for this winter. However, concerns about a recession have by no means disappeared. The year 2022 still closed with economic growth of 1.7%. For 2023, however, economic output is expected to decline by 0.6%. The yield on 10-year federal bonds has now risen to around 2.6%. The risk premium for real estate is therefore melting down further. In conjunction with significantly higher construction interest rates, rising real estate yields can therefore be expected in the medium term.