bulwiengesa

What bulwiengesa does

bulwiengesa is one of Germany's largest independent real estate consulting, analysis, and valuation firms, founded in 1983 and headquartered in Munich with additional offices in Berlin, Essen, Frankfurt, and Hamburg. The firm operates a team of approximately 70 specialists organised by asset class (residential, office/commercial, logistics, retail, hotel, micro-living, corporate real estate) and serves institutional investors, project developers, banks and financiers, portfolio holders, and municipalities. bulwiengesa is structured as bulwiengesa AG (registered in Bad Neuenahr-Ahrweiler, HRB 30153), represented by Sven Carstensen, Felix Embacher, and Kristian Reinhold, and operates as a subsidiary of the publicly listed Scout24 group.

The company's product platform centres on two proprietary assets: RIWIS, a real estate market database tracking the German property market across all asset classes since 1990 and serving as the analytical engine for forecasts, indices, and bespoke studies; and bulwiengesa appraisal, a wholly owned valuation subsidiary that delivers property valuations independent of financing, transaction, and brokerage interests. These underpin a broad publication portfolio including the annual bulwiengesa-Immobilienindex (a reference series including for Deutsche Bundesbank price indices), the BF.Quartalsbarometer for commercial real estate financing sentiment, the Monte-Carlo-based 5%-Studie on yield potential, and the Development Monitor covering approximately 23,000 project developments. Membership-based initiatives (Initiative Comparables, Initiative Micro-Living, Initiative Unternehmensimmobilien) function both as data-pooling engines and recurring community products.

bulwiengesa generates revenue through two primary streams: subscription-based access to the RIWIS database and proprietary indices, and fee-based strategic consulting, feasibility studies, market analyses, and independent valuations. Distribution is sales-led via direct relationships with institutional clients and a network of research partners (Berlin Hyp, CBRE, Savills, Deutsche Kreditbank, HIH Real Estate, ImmoScout24, ADVANT Beiten), with marketing supported by industry events and published market reports. In 2026 the company obtained ISO/IEC 27001:2022 certification, announced the acquisition of CadastreX for international data expansion, and launched the GewerbeBarometer jointly with parent ecosystem partner ImmoScout24.

Name

bulwiengesa

Legal name

bulwiengesa AG

Website

https://bulwiengesa.de

Company type

Private

Founded year

1983

Operating status

Operating

Headcount range

51–100 employees

Short description

bulwiengesa is one of Germany's largest independent real estate consulting, analysis, and valuation firms, serving institutional investors, developers, banks, and municipalities with proprietary market data and advisory services since 1983.

Ownership category

akta.pro rank

Product category

Real Estate Consulting and Market Research

NAICS

Offices of Real Estate Appraisers (531320), Portfolio Management and Investment Advice (523940)

SIC

Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Real Estate Market Research & Economic Advisory (Demand/Supply, Location Analytics) (BPAJANAD)

akta.pro secondary industries

Real Estate Valuation & Appraisal (BPAHANAC), Real Estate Strategy & Portfolio Consulting (Corporate/Institutional) (BPAJANAB)

Keywords

• Real estate consulting
• Property valuation services
• Market research reports
• Real estate database
• Strategic advisory

Headquarters

HQ city

Berlin

HQ country

Germany

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Market Research Subscriptions: Subscription-based access to RIWIS database providing market reports, indices, and real estate data. Recurring revenue model from institutional clients accessing the platform.
2. Strategic Consulting Services: Fee-based consulting engagements for strategic advice, market analysis, feasibility studies, and valuation services for real estate projects and portfolios.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

bulwiengesa delivers strategic consulting, market data, and independent property valuation for the German real estate industry. Its two proprietary platforms — the RIWIS real estate database tracking the German market since 1990 and the bulwiengesa appraisal valuation subsidiary — underpin a portfolio of subscription-based market reports, indices, quarterly barometers, and custom studies sold to institutional investors, project developers, banks, municipalities, and portfolio holders.

Product overview

bulwiengesa is one of Germany's largest independent real estate consulting, analysis, and valuation firms, operating since 1983. Its product portfolio centers on two core proprietary data platforms — RIWIS, a real estate market database tracking the German property market since 1990, and bulwiengesa appraisal, an independent valuation subsidiary. These platforms underpin a broad suite of published research products including the annual bulwiengesa-Immobilienindex (Property Market Index), the BF.Quartalsbarometer (quarterly commercial real estate financing sentiment barometer), the 5%-Studie (annual IRR/yield potential analysis across asset classes), the Development Monitor (project development tracking database), and thematic studies on logistics, retail highstreets, corporate real estate, micro-living, and US multifamily markets. bulwiengesa also runs several industry initiatives (Initiative Comparables, Initiative Unternehmensimmobilien, Initiative Micro-Living) that function as both research products and community platforms. The offering follows a platform-plus-publications model: RIWIS serves as the underlying data engine for ad-hoc custom market reports, and all publications reference RIWIS as their analytical foundation.

Differentiator

Problem solved

Functional benefit

Brands

• RIWIS: Real estate database tracking the German property market since 1990, identifying trends and forecasting development for all asset classes.
• bulwiengesa appraisal

Products and services

• RIWIS (Real Estate Information System) bulwiengesa's proprietary real estate market database tracking the German property market across all asset classes since 1990. Provides indices, trends, and forecasts, serving as the analytical engine powering market reports and custom analyses for institutional clients.
• bulwiengesa appraisal Independent property valuation subsidiary producing valuations for all property types and valuation purposes. Neutral and independent of financing, transaction, and brokerage interests, ensuring conflict-free assessments for institutional clients.
• bulwiengesa-Immobilienindex (Property Market Index) Germany-wide real estate price index published annually since the 1970s, tracking price developments across residential, office, retail, logistics, and hotel segments. Recognized as a key data source, including for Deutsche Bundesbank price indices.
• BF.Quartalsbarometer (Quarterly Commercial Real Estate Financing Barometer) Quarterly sentiment barometer for commercial real estate financing in Germany, produced for BF.direkt. Surveys lender-side experts on credit underwriting climate, new business activity, and financing conditions.
• 5%-Studie (5% Study) Annual study analyzing yield potential (IRR) across German real estate asset classes using Monte-Carlo simulation over a 10-year holding period. Covers residential, office, logistics, retail, hotel, micro-living, and corporate real estate.
• Marktberichte (Custom Market Reports) Custom, data-driven market reports for specific locations and asset classes (residential and commercial), produced by experts using RIWIS data. Available as modular 8-page PDF documents covering location analysis, asset class analysis, market assessment, and forecasts.
• Development Monitor / Projektentwicklerstudie Germany-wide database and study series tracking project developments across approximately 23,000 projects totaling ~186 million sqm, covering residential, office, retail, hotel, and logistics segments. Includes developer profiles and market rankings.
• Logistik und Immobilien (Logistics and Real Estate Study) Annual study on the German logistics real estate market published in partnership with Berlin Hyp, BREMER, GARBE, and Savills. Covers new completions, transaction volumes, rent trends, and location analysis for logistics properties.
• Highstreet Report Annual report for CT Real Estate Partners analyzing occupancy structures and tenant mixes across 100+ German high streets. Tracks chain store penetration, retail trends, and city center dynamics.
• US Multifamily Monitor Biannual market report on the US multifamily/rental apartment sector, analyzing mortgage rates, rent trends, construction activity, and foreign financing. Commissioned by GAR German American Realty GmbH.
• Initiative Comparables Transaction Database Web-based transaction database platform providing access to over 1,000 real estate transactions with a volume exceeding EUR 26 billion. Only accessible to members; covers all German city categories and asset classes with exclusively real transaction data.
• Deutsches Hypotheken Immobilienklima (Real Estate Climate Index) Real estate climate index measuring sentiment across investment and yield climates in all property segments. Shows recovery trends and is referenced as a key market indicator.
• Grundlagenstudie Bildungsimmobilien (Education Real Estate Study) Foundational study on education real estate (Kitas, schools, universities) as an investment asset class. Quantifies EUR 68 billion investment gap in Germany and analyzes ESG credentials, rental income stability, and public-private partnership financing models.

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

13 partnerships are on record, tiered core and minor.

• Deutsche Kreditbank AGcoreStrategic or Co-development PartnerResearch partner for real estate market studies and analysis, collaborating on industry-specific research initiatives
• HIH Real EstatecoreStrategic or Co-development PartnerResearch partner providing funding and support for real estate market research and analysis
• LOGISTRAminorStrategic or Co-development PartnerPartner for logistics and corporate real estate market research studies
• BEOS AGminorStrategic or Co-development PartnerCorporate real estate research partner focusing on commercial and industrial properties
• HAMBORNER REIT AGminorStrategic or Co-development PartnerReal estate investment trust partner for market research and analysis
• DEMIRE Deutsche Mittelstand Real Estate AGminorStrategic or Co-development PartnerMittelstand real estate company partner for research collaboration
• hluchminorStrategic or Co-development PartnerPartner for real estate research and market analysis initiatives
• Schürmann Espel & PartnerminorStrategic or Co-development PartnerResearch partner for real estate market studies and analysis
• AssetandominorStrategic or Co-development PartnerReal estate partner for market research collaboration
• AlcarominorStrategic or Co-development PartnerPartner for real estate research and analysis
• CBREcoreStrategic or Co-development PartnerGlobal commercial real estate services firm collaborating on market research and analysis studies
• Berlin HypcoreStrategic or Co-development PartnerReal estate bank partner for property index studies and market research
• SavillscoreStrategic or Co-development PartnerInternational real estate advisor collaborating on German market research studies

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Savills: International real estate advisor with German operations producing market research, valuations, and advisory. Listed as a bulwiengesa partner on logistics studies and German market research — directly comparable offering though larger and more globally oriented.
• CBRE: World's largest commercial real estate services firm, operating in Germany with valuation, research, and advisory services. Also a research partner of bulwiengesa (joint market studies). Overlaps significantly on research and valuation but at global scale.
• JLL (Jones Lang LaSalle): Global commercial real estate services firm with extensive German operations providing investment sales, leasing, valuation, and a large research arm producing German and European market reports. Comparable to bulwiengesa across research, valuation, and consulting, but at much larger scale and broader scope.
• BNP Paribas Real Estate: European real estate services arm of BNP Paribas providing valuation, research, transactions, and advisory across continental Europe including Germany. Comparable to bulwiengesa on research and valuation, with strong European footprint.
• Knight Frank: Global real estate consultancy with German presence offering research publications (German Residential, Logistics, etc.) and valuation/advisory services. Comparable to bulwiengesa on the research and valuation axis, with international reach.
• Cushman & Wakefield: Global CRE services firm with German offices offering valuation, research, and advisory. Comparable to bulwiengesa on research publications and valuation services, though broader in transactional services.
• Colliers: Global professional services and investment management firm with German operations providing research, valuation, and advisory. Overlaps with bulwiengesa's market research and property valuation offerings.

Regional players

• EHL Group: Austrian real estate services group providing brokerage, valuation, research, and asset management with DACH-region coverage. Comparable mid-sized independent model to bulwiengesa, though primarily Austria-focused with selected German activity.

Direct peers

• Grossmann & Berger: Hamburg-based independent German real estate services firm (part of the JLL Affiliate network) providing valuation, brokerage, and consulting across Northern Germany. Similar mid-sized, independent profile to bulwiengesa, with comparable regional German market focus.
• NAI apollo group: German commercial real estate services firm offering investment brokerage, valuation, research, and consulting. Mid-sized, Germany-focused with comparable service offering to bulwiengesa.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/bulwiengesa-ag
• Xx.com/bulwiengesa

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about bulwiengesa