Expo Real 2025 – Between Disillusionment and New Beginnings

With around 42,000 participants from over 70 countries and more than 1,700 exhibitors from 34 nations, Expo Real 2025 was similarly well attended as the previous year – yet seemed considerably quieter. For me, it was already the tenth Expo Real – rarely has the mood been so subdued, yet at the same time so “realistic.”

In 2022 and 2023, there was still noticeable optimism: Many assumed that the interest rate and financing environment would soon return to “normal.” By 2024, this hope had already been dampened – but at least there was agreement that the bottom had been reached and that banks were once again focusing more on new business.

2025, on the other hand, was marked by disillusionment. Most market participants are now aware that the era of low interest rates is finally over – and that the current challenges can only be overcome with proactive planning.

I saw faces that understood that something has changed – but perhaps not yet how profound the change truly is.
While some asset classes seem to have bottomed out, this is far from the case in all. The market is moving sideways – with uncertainties, but also with new opportunities and a cautious degree of optimism.

A key topic was the housing market:

According to current calculations, there is a shortage of around 1.2 million apartments in Germany – and there is currently no relief in sight. The crucial question remains: How can this enormous excess demand be met?
Affordable housing, innovative construction concepts, and flexible usage approaches for existing properties are in demand.

At the same time, new perspectives are opening up:

International investors who believed in the German market even before the peak are back – they are acting countercyclically and see attractive entry opportunities right now. Many experienced market players from the last cycle are also using their knowledge and networks to establish new companies, develop clear strategies, and position themselves in the changed environment. Setbacks don’t deter here – they motivate.

Instead of being discouraged by a few friendly, sobering conversations, I gained many valuable insights. The motto can only be: actively manage instead of waiting.
And one thing remains true: those who only see problems overlook the opportunities they contain. Challenges are always an invitation to learn, adapt, and emerge from this phase stronger.

Delano Kyles · CEO & Managing Partner