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Ukraine war and its possible impact on the real estate industry


The terrible events in Ukraine are currently shaking the world and it is difficult to keep a “sane” view in daily activities. For me and most other, it is the first war on European soil. I personally find the reason for this war of aggression inconceivable. Invoking events that are 100 years in the past would give pretty much all countries and your neighbors a reason to go to war. My guess is also that China is annexing Taiwan in the shadow of the Ukraine war. The only question here is when the U.S. will “draw the line” or if world peace can be maintained.


I have been completely wrong in my assessment over the past 10 years: I took Vladimir Putin’s side in the military reinforcement of Crimea, since Russia had leased the peninsula for decades, and at the same time I understood that as a former world power one would like to be taken seriously. Economically, Russia has completely missed the boat and the strengthening of NATO could certainly be perceived as a “constriction”.

My understanding is now gone! This is a war of aggression and with nothing in the world to excuse!


It is insanely unpleasant to me how we Europeans have abandoned and left the Ukrainians, who have been asking for support for years.


From my point of view, the real estate sector in Germany is largely unaffected – apart from the classic crisis effects such as reduced demand in the luxury market segment, double-checking by banks and somewhat greater restraint on the part of global investors. Just as in the Corona pandemic, the industry will emerge stronger from the current situation. In times of crisis and war, tangible assets still count. People want to keep their money “safe,” and the most popular tangible asset is real estate.


This is not meant to be a “temptation” to whitewash my industry in every crisis – however, probably the biggest “arch-enemies” of the real estate industry remain a world war and an increase in interest rates.



Damian Fenner – CEO

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