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DER SPIEGEL Reports on the 2025 Return-Risk Ranking

In issue 19/2025, the magazine DER SPIEGEL, in its supplement SPIEGEL GELD, explores a question currently on the minds of many investors: Is buying property in 2025 still worthwhile – or is it wiser to invest in ETFs? For its detailed analysis, the editorial team draws on our 2025 Return-Risk Ranking, which forms the core foundation of the real estate section.

 

The ranking compares 111 cities in Germany using a consistent, quantitative model. The evaluation considers not only purchase prices and rental yields, but also structural location data, quality of life, the development of return on equity, and our fair value approach – a method that compares realistic purchase prices with rental income.

Opportunities Beyond the Major Cities
The ranking reveals: The best opportunities aren't necessarily found where prices have fallen the most – but rather where strong demand, economic growth, high quality of life and realistic price levels intersect. Cities such as Leipzig, Hanau, Darmstadt, and Augsburg perform particularly well.

Mark Holz, our Head of Strategy & Research, emphasises in his interview with the editorial team: “Many of the cities previously overlooked are now scoring with a better balance between price and prospects – particularly because major metropolises have, in some cases, become unaffordable due to high rents. As a result, smaller, attractive but still affordable cities are gaining momentum.”

Secondary Urbanisation in Focus
This development leads to a wave of secondary urbanisation: The article highlights that many second- and third-tier cities are now benefiting from rising demand, improved rental yields, and stable development. These cities become especially visible in the ranking because the evaluation method goes beyond price data, also incorporating soft factors such as location appeal, economic outlook, and sustainability.

Conclusion:
DER SPIEGEL uses the Return-Risk Ranking to demonstrate how opportunities and risks in the 2025 property market are shifting – away from gut instinct and towards fact-based analysis. We are pleased that a publication like DER SPIEGEL relies on our data – a strong affirmation of how essential robust models have become for location and investment decisions.

Read the full article on SPIEGEL Online:
Immobilien: Wo sich der Kauf 2025 wieder lohnt – und wo nicht

Contact: mark.holz@luebke-kelber.de  

 

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