In the ongoing coalition negotiations between the CDU and SPD, initial content has become known – some of it even leaked. These drafts give an exciting preview of future real estate policy in Germany. Particularly relevant: new funding models for first-time buyers, tax incentives for investors – but also a special fund that could influence interest rate developments. My new video summarises the facts concisely.
According to leaked documents, the CDU and SPD are currently discussing several measures to stabilise the German real estate market and boost housing construction. Make the most of tax advantages: tax tips for real estate. Among other things, the following points are on the table:
A new special fund of up to five hundred billion euros
Reintroduction of special depreciation for new buildings
Support programmes for first-time buyers with lower equity
Digitalisation and acceleration of building permits
These measures affect buyers and capital investors differently. Below we break down the facts by target group.
First the video on the leaks, then the facts for buyers and investors.
GroKo leaks: video
Special fund, construction policy, interest rate development and special depreciation on YouTube x Immobilien Erfahrung.
For first-time buyers: relief, but rising financing costs
Many young buyers are currently struggling with high entry hurdles: higher interest rates, scarce equity and expensive properties. Politics is responding – at least according to the drafts – with targeted funding proposals:
But at the same time, the state is planning a special fund worth billions. This is financed through new debt – and that is exactly where a problem arises: interest rates in the capital market could rise as a result in the long term.
Even if the European Central Bank cuts key interest rates, this only has a limited effect on mortgage financing. Mortgage rates are mainly oriented towards long-term bonds such as the ten-year German government bond. If their yield rises, so do mortgage rate comparisons – a serious issue especially for first-time buyers with long terms.
For capital investors: special depreciation as a lever
For investors, the planned special depreciation for new buildings could become a key lever. Currently, straight-line depreciation for residential buildings is limited to around two percent per year. Special depreciation allows additional depreciation in the first years – according to earlier models, up to five percent annually for four years.
Example advantages:
Faster depreciation = faster tax relief
Improved equity ratio through tax optimisation
More investment incentives for new-build projects
Especially in times of rising construction costs, these incentives could bring new momentum to the project market. However: the special fund, which is to be introduced in parallel, increases the state’s capital requirements – and could therefore push up interest rates on debt capital further in the coming months.
What investors can do now:
Reassess new-build projects for tax purposes
Secure financing strategies early
Combine funding options with tax effects
Between politics and the market: new dynamics emerge
The leaked plans show: politics wants to create incentives – both for private buyers and institutional investors. But the financial framework in which these programmes arise could increase financing costs in the long term. This leads to an exciting dynamic:
More funding on one side
Rising interest costs on the other
Anyone active in the real estate market – whether private or commercial – should watch this development closely. Because it will help determine whether funding really brings noticeable benefits or is offset again by higher borrowing costs.
Conclusion? Opportunities for buyers and investors – with a risk premium
For first-time buyers, new funding programmes could finally help them take the step into homeownership. For investors, special depreciation makes new buildings attractive again. But the planned government spending brings interest rate risks that can make financing more difficult.
Anyone acting now should compare carefully, check funding options and, above all, do one thing: hedge financing costs strategically. Because the grand coalition wants to change a lot – but it is also moving interest rates.
https://lukinski.com/wp-content/uploads/2025/03/groko-leaks-sondervermoegen-baupolitik-zinsentwicklung-sonderabschreibungen-video-immobilien-kauf-investment-analyse-lukinski.jpg6751200L_kinskihttps://lukinski.com/wp-content/uploads/2024/04/lukinski-logo-real-estate-investment-germany-house-villa-off-market.svgL_kinski2025-03-30 13:49:502025-03-30 13:49:50GroKo Leaks x YouTube: Special Fund, Construction Policy, Interest Rates – Analysis for First-Time Buyers and Investors
