Holger Zschaepitz(@Schuldensuehner):Vonovia stock price keeps falling after the Left party’s Berlin election win revived fears of housing expropriation. Germany’s largest residential landlord has €27.5bn of property in the capital; 27% of its portfolio, per BNP Paribas. Now shares trade 62% below reported net tangible assets of €46.22 per share. Even w/o expropriation, tighter rent controls could squeeze returns as refinancing costs rise. The paradox: the housing shortage supporting Vonovia’s rents is also fuelling the political backlash against them.

2026.09.21 11:26

Vonovia stock price keeps falling after the Left party’s Berlin election win revived fears of housing expropriation. Germany’s largest residential landlord has €27.5bn of property in the capital; 27% of its portfolio, per BNP Paribas. Now shares trade 62% below reported net tangible assets of €46.22 per share. Even w/o expropriation, tighter rent controls could squeeze returns as refinancing costs rise. The paradox: the housing shortage supporting Vonovia’s rents is also fuelling the political backlash against them.