Who owns our cities?

The project "Who owns our cities?" is published by the Rosa-Luxemburg-Foundation, an established German organization focused on social issues and public debate. This initiative aims to shed light on ownership structures, multinational investors, and regulations affecting urban housing, thereby contributing to discussions on housing policy solutions across Europe.

The project highlights the financialization of housing, where profit-maximizing investors contribute to skyrocketing prices, making homes unaffordable for many tenants. Ownership structures vary significantly across cities, with most housing owned by occupants or banks that provide loans. However, private ownership, both small and large, also plays a crucial role, along with substantial public and cooperative housing stocks. The emergence of large, pan-European housing companies and investment funds is relatively recent and varies in prevalence from city to city.

The project currently analyzes several cities, including Zürich, Leipzig, Berlin, Frankfurt, and others. For instance, Zürich is characterized as Europe’s capital of tenants, with over 90% of its apartments rented. Recent investments have predominantly flowed into Germany, especially Berlin, which has attracted substantial European investment from financial market-based investors. This comparative analysis provides insight into the distribution of housing stock among different ownership groups in each city.

The analysis identifies eight significant investors owning residential real estate in at least three of the analyzed cities across different countries. These investors, including Fredensborg/Heimstaden and Vonovia SE, predominantly focus on Berlin, where they hold a significant portion of their housing stock. While large private housing companies generally report their housing distribution transparently, many asset managers and investors do not disclose total assets invested in European residential real estate.

To understand who owns our cities, the project utilizes three primary sources: census statistics, real estate registers, and company registers. Most European countries conduct regular surveys of tenants and owners, though data accessibility varies. For example, Switzerland publishes annual statistics, while countries like Spain lack disaggregated data at the city level. Real estate registers exist in most cities, but access can be hindered by high costs or requirements to prove legitimate interest. Company registers help identify final owners but also vary in accessibility, with some countries offering open data while others impose limitations.

Overall, the "Who owns our cities?" project aims to make ownership structures and actors visible to inform public debate on political solutions to the housing crisis. By analyzing various cities and ownership dynamics, the initiative fosters a greater understanding of the challenges and opportunities within urban housing markets across Europe.