Real estate fund

Immobilienab 13 J.

Investing in property without buying a house yourself: open-ended real estate funds buy office buildings, shopping centres and flats. Return: 2–4%/year. Tax advantage in Germany: 60% partial exemption.

Property funds let you invest in real estate with small amounts – without having to buy a property yourself.

Open-ended property funds:

• Invest in offices, hotels, shopping centres, flats
• Return: 2–4% per year (stable, little fluctuation)
• Minimum investment: from €50 (via savings plan)
• Tax advantage in Germany: 60% partial exemption (only 40% of the income is taxed!)
• Drawback: 24-month minimum holding period + 12-month notice period

Well-known funds: Deka ImmobilienGlobal, UniImmo, Hausinvest.

REITs (Real Estate Investment Trusts):

• Listed property companies
• Can be bought/sold like shares (high liquidity)
• Must distribute 90% of profits as dividends
• Examples: Vonovia (DE), Realty Income (US), Prologis (US)

Recommendation: for most investors, property funds or REITs are a good addition to an equity ETF – as a small portfolio share (5–15%).

Did you know? Open-ended real estate funds in Germany have a minimum holding period of 24 months and a 12-month notice period. During the 2008 financial crisis, several funds had to be closed.

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