As a result of the reflections and visions at the beginning of the year, the reactions of investors are very different. This can be seen in the above-average volatility of listed real estate funds. In the first two months, the SWIIT index moved in a range of a good 4.5%, which in some funds led to movements that were in some cases unrealistic. The topic of inflation is increasingly being taken up again, so that higher long-term interest rates were to be expected. Real estate investors are not yet concerned about this development, but if this trend continues, the high demand could gradually decline. The first annual results of the real estate companies have been published and one can rest confident that the operating figures are largely positive and solid. This confirms that real estate stocks represent far more than just an alternative to real estate funds or real estate foundations for investors. Because they have a significantly better performance-risk ratio. The financing advantages and the opportunity to actively participate as a shareholder not only bring a certain stability, but also potential. It is a fact that pension funds are structurally underinvested in real estate stocks. Due to the developments of the last 12 months, they should rethink their real estate strategy and not just invest in investment foundations or real estate funds. The search for new money has started again, new capital increases are communicated on an ongoing basis.