Hausvorteil: Demand intact, funding remains the bottleneck; chg. - NuWays AG Research
HausVorteil's H1 report fell short of our expectations as the tight financing environment weighed on both acquisition and brokerage volumes. In detail:
ANNONS
H1 sales of € 0.8m were significantly below eNuW of € 1.5m, which was in our view mainly caused by the continued weak environment in the partial-sale business. Importantly, this was not a demand issue, as interest from homeowners remains intact and decisions on fundamentally attractive properties were delayed rather than cancelled. We hence expect, that the majority of H1 sales came from ground-lease brokerage, but also partially from exits out of the existing portfolio. Going forward, we also expect a higher contribution from the full-sale business, as financing should be much easier to find compared to the, in Germany, still rather unconventional partial-sale concept.
