Empira Research Q2: Economy & Real Estate

The global economic outlook remains clouded by uncertainty in the second quarter of 2025. Geopolitical tensions, protectionist policies adopted by major economies, and a sluggish recovery in Europe continue to create a challenging environment.
In the DACH region, there are tentative signs of stabilization—particularly in residential building permits—yet the region remains burdened by subdued investment activity, structural reform needs, and a weak economic climate.
A new reality is taking hold in real estate markets: while rental growth remains robust—especially in metropolitan areas—transaction volumes and price trends are evolving unevenly. Meanwhile, capital markets remain volatile, shaped by fluctuating interest rates and global economic risks. In this environment, rigorous analysis becomes all the more essential.
With this edition of the Empira Research Quarterly View – Q2 2025, we once again aim to offer orientation—providing insights into macroeconomic developments, real estate market trends in the DACH region, the United States, and Switzerland, as well as the state of global financial markets. Our objective remains to interpret current developments and derive reliable perspectives for professional investors.