Der Einfluss von Steuern und Subventionen auf die Rendite fremd- und selbst genutzter Wohnimmobilien in Deutschland

The profitability of real estate investments in Germany has been highly influenced by taxation and subsidies. We calculate realized returns on investment and subsidy quotas to resident individuals from an investment in average apartments in 50 major cities, rented out and self-occupied. The investment periods (1991-2001, 1996- 2006, and 2004-2014) picture major changes in the taxation of rental income and in home buyer subsidies. Unsystematic tax shelters have favored the purchase of apartments to rent out by high income individuals. Home buyer subsidies have only partly brought similar returns to average earners. Dodgy clientele effects persist until today.