In Berlin, only a small percentage of landlords beat inflation. It's a lot of work and a low return for an illiquid investment. Depending on the timing, many qu

In Berlin, only a small percentage of landlords beat inflation. It's a lot of work and a low return for an illiquid investment. Depending on the timing, many qualify housing as a lifestyle decision instead of an investment. Aside from what you've mentioned, the state can raise the efficiency standard to protect the environment, raise the cost of services, or make you pay to rebuild the street or sidewalk in front of your home. Then come the maintenance: new roof, new windows, new kitchen and so on. If your country has good tenant rights, there are not so many reasons to buy. It's better to invest the money for a while.