An annual review on alternative lending

A year ago, the market for alternative real estate financing was still marked by a sense of renewed momentum. The FAP Real Estate Private Debt Report Germany 2026 now paints a considerably more sobering picture. The turnaround hoped for in 2026 has failed to materialise, and this year’s report clearly shows that the German real estate market remains in crisis and transformation mode. The market correction is likely to be protracted. At the same time, financing needs remain high. Where banks are pulling back, alternative lenders continue to gain ground.

The report examines how financing strategies, investor appetite and asset classes have shifted over the past year. It also explains why international investors take a markedly more positive view of the German market than domestic players. Get an up-to-date overview of the entire German alternative financing market, unique in its breadth and depth.

Once again this year, leading experts in real estate finance share their views on the real estate private debt market.