I'm German and I have no idea why you think the refugee crisis would pose a "very real problem to the housing market". The housing market hasn't changed much.

I'm German and I have no idea why you think the refugee crisis would pose a "very real problem to the housing market". The housing market hasn't changed much. There's plenty of vacant housing in Germany. It's just not in the places people want to live anymore (i.e. mostly rural East Germany). Housing is scarce in the urban areas but that didn't really change. The 1 million number sounds scary in isolation but it's really just a drop in the bucket. The real problem is our attitude to refugees and our immigration laws: a lot of people are stuck in a legal limbo where they are forced to live off welfare because they're not allowed to seek employment or attend craft schools or universities, many who are technically allowed to do those things only have temporary visas that get extended quarter-to-quarter but could be discontinued at any point. This creates a lot of unnecessary uncertainty while also isolating them socially, hindering "integration", which in turn increases frustration and all kinds of social ills. Additionally, our welfare system is based on the assumption of a growing population but our birth rates are too low, so immigration is actually necessary. There's a lot of untapped potential in the refugee crisis, our attitudes just need to change to see it as an opportunity rather than a problem.