The European Semester is the annual process by which, on the basis of Commission analysis, EU member states agree on the specific reforms that each state must carry out to contribute to ensuring the financial stability and economic health of the Union.

The most important new development for real estate is the irruption of housing affordability as a major issue because of its first ever appearance in the Council Recommendations for Germany. This is part of a 'focus shift' that doesn't bode well for efforts to liberalise rental markets. The problem arose from large property companies - German and other European - with thousands of flats in Berlin and elsewhere in Germany, profiting from energy efficiency renovation to upgrade the building and replace sitting tenants with tenants capable of paying for the new luxury flats.

Full Secretariat analysis under epf 19-59 of 02.09.2019

EUROPEAN SEMESTER: 2019 Real Estate Results - Chart