In the US or in the UK, the presence of institutional investors in real estate markets is an old phenomenon. Specifically, Real Estate Investment Trusts are an old industry. Due to a difference in tax law, the market share of REITs in Germany has been minimal until very recently. Now the...

One of the cheapest ways to reduce CO2 emissions is thermal renovation of existing homes. Germany is a world leader in this project, with a strict building code, generous state subsidies, and an advanced renovation infrastructure. The effects of its policies are explored here in the light of...