Interim Statement Q1 2021

Shares in Vonovia

Whereas 2020 was characterized by volatile and negative trends in international indices, the situation started to change at the beginning of 2021. The stock markets appear to be bouncing back, rising to new highs.

By way of example, Germany’s leading index, the DAX 30, and the EURO STOXX 50 gained 9.4% and 9.7% respectively in the first three months of 2021, while the FTSE EPRA/Nareit Europe Index showed a sideways movement and Vonovia shares lost around 7%. Other German residential real estate stocks also showed similarly negative performance in the first quarter of 2021.

We attribute the drop in the prices of German residential real estate shares, including Vonovia shares, to the following market-related factors in particular:

The capital markets are positioning themselves for the post-COVID-19 era. Unlike in the previous year, there is now higher demand in the current environment for cyclical stocks and securities that lost considerable ground in 2020 than there is for the more defensive profile of German residential real estate stocks in general, and also Vonovia in particular. The increase at the longer end of the yield curve and the marked upward move in yields on government bonds, particularly ten-year U.S. bonds, are also likely to have created a more challenging environment for Vonovia shares in the first quarter of 2021.

Although there are currently signs of a shift on the international capital markets, we believe that the environment for the German residential real estate sector remains positive overall. The main long-term megatrends will remain the dominant forces driving our business: urbanization and the resulting imbalance between supply and demand, climate change and the reduction of CO2 emissions in the housing stock, demographic change and senior-friendly apartment conversion. We are optimistic as we look ahead to the future and are confident that we will remain financially successful.

The market capitalization of Vonovia amounted to around € 31.5 billion as of March 31, 2021.

Share Price Development

Share Price Development (Line chart)
Share Information (as of March 31, 2021)



First day of trading

Jul. 11, 2013

Subscription price

€ 16.50

Total number of shares


Share capital in €






Ticker symbol


Common code


Share class

Registered shares with no par value

Stock exchange

Frankfurt Stock Exchange

Market segment

Regulated market


DAX, Euro Stoxx 50, DAX 50 ESG, Dow Jones Sustainability Index Europe, STOXX Global ESG Leaders, EURO STOXX ESG Leaders 50, STOXX Europe ESG Leaders 50, FTSE EPRA/NAREIT Developed Europe and GPR 250 World



European Public Real Estate Association (EPRA)
The European Public Real Estate Association (EPRA) is a non-profit organization that has its registered headquarters in Brussels and represents the interests of listed European real estate companies. Its mission is to raise awareness of European listed real estate companies as a potential investment destination that offers an alternative to conventional investments. EPRA is a registered trademark of the European Public Real Estate Association.