The negative price developments in listed real estate funds, which have persisted since the beginning of the year, have been a topic of discussion in many places. New surprises are revealed almost every day. For example, the decision of the Credit Suisse fund management company to postpone the announced listing of the CS 1a Immo PK to mid-2023 due to the currently higher volatility. This defused the tense situation – for the time being (we have already reported on this several times). In addition to the prices and resolutions for corporate actions, the interest rate development is also causing waves. The yield on the 10-year federal bond more than halved in July. According to the regulations for listed real estate funds supervised by Finma, the maximum permissible mortgage burden is still 30% – are we now going to adjust it to up to 50%? With interim losses of around 20% at the SREAL, however, one can speak of a pronounced summer sell-off. However, the funds are gradually gaining more and more positive attention in the media, which has led to slight recovery tendencies on the markets in the last few days. What overall performance can an investor expect from real estate products in the future? The question of all questions. Over the past 3 years, the market has offered an annualized return of just over 3%. This value can be interpreted as plausible. As long as there are no new alternatives on the bond market, real estate investments will remain interesting. Many investors now fear that discount rates will rise again and thus weigh on valuations. That could well happen, however, expectations for rental income are also rising, which could ultimately increase the valuation even further. However, it will be a while before this rent increase can be realized in the medium term. In the short term, the first thing to get to grips with is energy costs. These burdens are largely borne by the tenants. This is precisely why there can be increased fluctuation again. The energy issue will certainly keep us busy for a while.