Headlines from Greece have been making the rounds in recent weeks. There, the fertility rate of Greek women fell to a dramatic low of 1.3% births per woman, which does not bode well for the real estate market in the long term.

The example of Japan shows us how quickly the vacancy rate of living space increases in the wake of shrinking birth rates, leading to falling real estate prices. We know what this means for the lending banks, which have considerable adjustment items on their balance sheets. Southern Europe as a whole is suffering from this problem, the north is following suit, but the situation in Spain, Italy and Greece is more than dramatic. In my opinion, considerable correction potential is likely to unfold in this market in particular over the next 10 years, triggering a sectoral deflationary spiral.