Who owns our cities?

Overview of the “Who owns our cities?” Initiative

The website “Who owns our cities?” is a project of the Rosa‑Luxemburg‑Foundation, a German research and advocacy organization focused on social justice and housing policy. The initiative aims to make ownership structures of urban housing transparent, highlighting the role of multinational investors, financial markets, and public or cooperative housing providers. By mapping ownership across major European cities, the foundation seeks to inform public debate on sustainable and affordable housing solutions.

Scope and Cities Analyzed

The platform currently examines ownership patterns in a selection of European capitals and major cities, including Zürich, Leipzig, Berlin, Frankfurt, Erfurt, Copenhagen, Düsseldorf, Hamburg, Vienna, Munich, Amsterdam, Brussels, Paris, London, Dublin, Oslo, Prague, Athens, and Madrid. Data are presented for each city, showing the distribution among owner‑occupiers, state‑owned housing, cooperatives and non‑profits, small private owners, large private owners, and financial‑market investors.

Key Ownership Findings

• In Zürich, over 90 % of apartments are rented, making it Europe’s “capital of tenants.”
• Leipzig and Berlin also show very high rental shares, reflecting a broader trend toward tenant‑dominated markets in parts of Central Europe.
• German cities, especially Berlin, attract the largest share of European investment from professional, financial‑market investors.
• Across the surveyed cities, the biggest share of housing is still owned by residents themselves and the banks that financed their purchases, with private owners and public/social housing also playing significant roles.
• Large pan‑European housing companies and investment funds are present but remain relatively limited in many markets, though their influence is growing.

Data Sources and Methodology

The project relies on three primary sources to map ownership:

1. Census and statistical surveys – regular national censuses and, in some countries, annual registers provide data on tenants and owners.
2. Real‑estate registers – public property registries, where available, give details on property ownership; accessibility varies by country due to costs or legal restrictions.
3. Company registers – linking real‑estate data with corporate registries helps identify ultimate beneficial owners, though transparency differs across jurisdictions. These sources are combined to trace ownership from individual properties to the ultimate investors, whether private individuals, corporations, or state entities.

Major Investors Identified

The analysis highlights eight investors active in at least three of the studied cities across three or more countries. Notable names include:

• Fredensborg/Heimstaden – with thousands of units in Copenhagen, Berlin, Oslo, and Amsterdam.
• Vonovia SE, Grand City Properties, Blackstone, Bayerische Versorgungskammer, AXA, and Swiss Life are also mentioned as significant players. Most of these investors have a substantial portfolio in Berlin, indicating the city’s central role in European residential investment.

Implications for Sustainable Housing

By exposing the concentration of ownership, the initiative underscores challenges for sustainable housing:

• High levels of financial‑market ownership can drive rent increases and reduce long‑term affordability.
• Transparent data enable policymakers and civil society to design regulations that promote cooperative, non‑profit, and public housing models, which are often more aligned with sustainability goals.
• Understanding the mix of owners helps identify where interventions—such as rent controls, taxation of vacant units, or support for cooperative housing—may be most effective.

How to Use the Resource

Stakeholders—including housing activists, urban planners, researchers, and policymakers—can explore the city‑by‑city dashboards to compare ownership structures, identify dominant investors, and assess the balance between private profit‑driven and socially oriented housing. The data serve as a factual basis for debates on housing regulation, investment transparency, and strategies to enhance sustainable, affordable urban living across Europe.