Analysis firm bulwiengesa and Deutsche Pfandbriefbank (pbb) are pooling their market monitoring and will jointly publish the Financing Barometer from 2027. The quarterly expert survey analyses sentiment and business performance in the institutional real estate financing market. The survey is based on a research series initiated by bulwiengesa in 2015 and conducted continuously ever since. The aim of the new partnership is to develop the format over the long term and gradually expand it to include a European perspective.
Operational execution and the academic evaluation of the market survey will remain the responsibility of bulwiengesa. In terms of content, the survey focuses on financing terms, new business volumes, margin trends, and the significance of alternative financing instruments. The panel comprises professionals from credit institutions and other entities active in commercial real estate financing. The exact design of the future European expansion will be agreed between the two partner companies over the course of the collaboration.
Significant drop in sentiment in the third quarter of 2026
The relevance of continuous monitoring is demonstrated by the latest figures for the third quarter of 2026. The barometer value calculated by bulwiengesa fell from minus 6.70 points in the previous quarter to minus 13.61 points, marking the lowest level in two years. Crucial factors behind the deterioration are tighter lending criteria and higher liquidity costs for financing institutions. Currently, 58.3 per cent of surveyed experts assess financing conditions as restrictive, compared to 45.8 per cent in the second quarter. The remaining 41.7 per cent perceive an unchanged situation, whilst no participant reported any easing.
- —Declining new business: The share of institutions reporting decreasing business rose from 8.3 to 22.2 per cent, with 41.7 per cent reporting stagnation
- —Existing property financing: Increase in average all-in margins, including liquidity costs, from 188.6 to 204.8 basis points
- —Development projects: Increase in average margin rates from 285.4 to 295.0 basis points
Felix Embacher, Managing Director of bulwiengesa, emphasised the strategic value of the partnership. He noted that the company had continued the survey without interruption during the current year to seamlessly document market movements. In Deutsche Pfandbriefbank, he said, they have gained a partner to systematically expand the European perspective. The ongoing survey makes it possible to identify shifts in the market at an early stage and place them within the context of wider property market trends.
Barkha Mehmedagic, Member of the Management Board of Deutsche Pfandbriefbank, pointed out that the framework conditions for financing could continue to change at short notice. Structured market monitoring helps to evaluate these trends on a sound basis. The joint commitment is intended to regularly highlight the perspective of lending institutions and sustainably intensify professional dialogue on European real estate financing.
