The boom on the real estate markets is taking a break. And not just since the start of the Ukraine war. The coronavirus pandemic already ended one of Europe’s longest real estate cycles at the beginning of 2020, despite the still chronically low interest rates at the time. It lasted a record 11.5 years. With rising vaccination rates and declining travel and access restrictions, real estate investors were already becoming more optimistic again at first - until Russian troops invaded Ukraine in February 2022. The long era of ultra-low interest rates ended abruptly at the start of the second quarter. This has not left the real estate markets unscathed.

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