Maybe the real estate industry can live better with noise. After all, that’s part of the business of construction. In any case, the major standstill last year really threw the market off course. “The buyers fell into a state of shock,” says real estate economist Michael Voigtländer from the German Economic Institute (IW). The reason for this: The central banks had increased interest rates more quickly than at any time since the 1980s. As a result, the entire market stalled: buyers stopped buying, property developers hardly built anything, and construction financiers and brokers barely recorded any business. The market came to a standstill.

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