Overview of the Study and Its Creators
The study âWho Owns the City?â is a comprehensive analysis commissioned by the RosaâLuxemburgâStiftung, a German political foundation dedicated to research on social justice, public policy, and democratic participation. Lead author Christoph Trautvetter, an external manager of the âRLS Cities: Who Owns the City?â project, holds a masterâs degree in public policy from the Hertie School of Governance and a background in forensic investigation, tax justice, and advisory work for the European Parliament. The research team includes Stefan Thimmel and other experts in housing, urban policy, and investigative journalism.
Scope and Methodology of the Berlin Real Estate Market
The investigation focuses on Berlinâs residential real estate market, compiling data from the 2011 Building and Housing Census, the 2018 microâcensus, commercial databases, tenant surveys, and company annual reports. Researchers manually traced ownership through landâregister entries, transparency registers, and corporate filings across Germany and offshore jurisdictions. The study identifies four main owner groupsâprivate equity firms and institutional investors, private realâestate companies, public/coâoperative/nonâprofit entities, and private individuals/commonholdsâand breaks them down into eleven subâgroups. Over 200 owners were analyzed, representing more than 1.9 million apartments.
Key Ownership Figures and Market Concentration
- Approximately 115,000 apartments (6 % of Berlinâs stock) are owned by Deutsche Wohnen, the cityâs largest listed realâestate company.
- The âBig 5â listed firms (Deutsche Wohnen, Vonovia, ADO Properties, Covivio, Grand City Properties) collectively hold about 195,000 apartments (â10 % of the market).
- Private equity firms such as Blackstone own over 3,000 units, representing a significant profitâmaximising segment.
- Municipal housing companies (Gewobag, Degewo, HOWOGE, Stadt und Land, Gesobau) together manage roughly 270,000 apartments (â14 % of the total).
- Housing cooperatives own about 188,000 units (â10 %).
- Private individuals and commonholds control roughly 571,000 apartments (â30 %).
Financial Performance and Yield Insights
Yield calculations show that some private equity owners achieve annualised returns exceeding 20 % on capital, far above the 1â2 % yields typical for municipal housing companies. Institutional investors report yields of 3â8 % for residential assets, while listed firms report dividend yields ranging from 4.4 % to 17.2 % (Deutsche Wohnen). Low interest rates have amplified profits for both private and public owners, while many renters face rent increases outpacing income growth.
Impact on Tenants and Housing Affordability
The study highlights that Berlinâs rentâcontrol measures have limited effects on large private owners, who often use âshare dealsâ and taxâhaven structures to avoid transparency and taxation. Approximately 90 % of Berlin residents rent, with only 16 % owning their home. Smallâscale landlords (owning â¤5 apartments) account for the majority of owners but generate a minor share of total rental income. Large private owners and institutional investors reap the bulk of rental revenues and capital appreciation, contributing to a wealth redistribution from lowâincome households to highânetâworth investors.
European Context and Sustainable Housing Implications
Berlinâs ownership pattern mirrors broader European trends where financialisation of housing concentrates ownership among a few large firms and funds. The study argues that transparent registries of building ownership, stricter regulation of âshare deals,â and tax reforms on passive income are essential to curb speculative profitâmaximisation and promote longâterm, socially responsible housing provision. Enhanced data availability would enable policymakers and civil society across Europe to monitor ownership structures, assess housing affordability, and design interventions that align with sustainable urban development goals.
Recommended Policy Measures for a Fairer Market
- Establish a publicly accessible registry of building and apartment owners, including beneficial ownership data.
- Regulate subdivision of multiâtenant buildings and enforce preâemptive purchase rights for municipal housing companies.
- Implement progressive taxation on high passive rental income and capital gains from realâestate holdings.
- Strengthen tenant participation rights in cooperative and municipal housing companies.
- Promote expropriation mechanisms at realistic prices for properties used primarily for speculative profit.
Outlook and Ongoing Research
The RosaâLuxemburgâStiftung plans to expand the âWho Owns the City?â methodology to other German cities and European capitals, creating a comparative database of ownership structures. Continuous updates will track market shifts, new acquisitions, and the impact of policy changes, providing a valuable evidence base for advocates of sustainable, equitable housing across Europe.

