Continued pessimism among real estate financiers
The current situation and the outlook for the coming six months have continued to darken for real estate financiers in Germany. The German Real Estate Finance Index (DIFI Report), compiled by JLL and the Centre for European Economic Research (ZEW), deteriorated from -4.5 points in the previous quarter to -10.8 points, its lowest figure in almost two years. The ZEW suspects that the 35 financiers participating in the survey likely factored the downturn in Germany’s economy in their assessments. JLL points out that the market is still far from the negative mood of 2011/12. The survey participants did not expect an imminent turnaround in interest rates: they see the three-month Euribor in the clearly negative range at the end of 2019, and in a series of negative values at the end of 2020.
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