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The German real estate investment market delivered a transaction volume of €20.97bn in the first three quarters of 2023. Minority investments of €689m in total were recorded in addition to the transaction volume. In the third quarter, investments of €7.8bn flowed into German real estate, reflecting an increase of 28% compared with the second quarter of 2023 but marking a decline of 53% versus the third quarter of 2022. Of the transaction volume, 41% has so far been allocated this year to the Top 7 cities, with Berlin and Munich leading the way with €4bn and €1.6bn respectively.