The German Real Estate Finance Index (Deutscher Immobilien-Finanzierungsindex(DIFI)-Report) is based on a quarterly survey conducted by the ZEW. In the first part of the survey, experts in the market for real estate finance are asked about their forecast and expectations about the financing conditions in the office, retail, logistics and residential real estate market and about the re-financing conditions. The Index is calculated based on the experts expectations about the market sectors. A second part of the survey asks for current topics in the real estate market.

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German Real Estate Finance Index (DIFI Report) Fourth Quarter 2021


  • Expectations indicator rises sharply, situation indicator almost unchanged
  • Further significant recovery in the office and hotel real estate segments
  • Significant downturn in assessments of the situation in the real estate refinancing markets
  • Current margins and LTVs in the commercial real estate financing sector

More issues in 2021