Imprint & Data protection statement


Information required by section 5 of the German Telemedia Act (TMG):

The provider of the websites

and its domains


bulwiengesa AG

Wallstraße 61
10179 Berlin
Phone: +49 (0)30 278768-0
Fax: +49 (0)30 278768-68

Represented by:

Board of Directors

Thomas Voßkamp
Nymphenburger Straße 5
80335 Munich, Germany
+49 (0)89 232376-0

Ralf-Peter Koschny
Moorfuhrtweg 13
22301 Hamburg, Germany
+49 (0)40 423222-0

Supervisory Board

Bernhard H. Hansen, Barbara Deisenrieder, Dr. Peter Christian Schmidt

Entry in commercial register:

Entered in the German Commercial Register.
Registry court: Charlottenburg District Court
Registry number: HRB 95407 B


VAT identification number pursuant to Section 27 German Value Added Tax Act (Umsatzsteuergesetz): DE 164 508 347

Responsible for content (pursuant to section 55 (2) of the German Interstate Broadcasting Agreement (RStV)):

bulwiengesa AG
Laura Hahn
Nymphenburger Straße 5
80335 München

Dispute settlement

We are not prepared or obligated to participate in any dispute settlement proceedings before a consumer mediation office.

Liability for content

As a service provider, we have a general legal responsibility for our own content on these web pages, as set out in section 7 (1) TMG. However, pursuant to sections 8 to 10 TMG, we do not have any obligation as a service provider to monitor any transmitted or stored third-party information or to search for circumstances that point to illegal activity.

This does not affect any general legal obligations to remove or block the use of information. However, it is only possible for us to assume any liability of this kind from the point in time at which we become aware of a specific legal violation. We shall remove such content immediately upon becoming aware of any such legal violations.

The provider of the website does not assume any liability for the correctness, completeness or accuracy of the content. The provider of the website states explicitly that the information provided on the website does not constitute any kind of professional or expert consultation service. The provider of the website therefore does not assume any liability for direct or indirect damages, including loss of profits, that are incurred by making use of the information or functions offered on this website.

The operator of the website does not assume any liability for any losses that are incurred by distributing and/or using these documents/this information or that are associated with the distribution/use of these documents/this information.

Liability for links

Our website may contain links to the external websites of third parties. We do not have any influence over their content. For this reason, we are also unable to vouch for this third-party content. The provider or operator of the web pages in question is always the party responsible for the content of those web pages. The linked web pages were reviewed in terms of any potential legal violations at the time the links were created. There was no identifiable illegal content at the time the links were created.

However, it is not reasonable to carry out continuous controls of the content of the linked websites if there are no specific indications that any legal violations have taken place. We shall remove such links immediately upon becoming aware of any legal violations.


The content and publications that the website operator creates on these web pages are subject to German copyright. It is prohibited to duplicate, edit, disseminate or use them in any way outside the scope of the copyright without written permission from the relevant author or creator. It is only permitted to download or copy this website for private, non-commercial use.

The operator observes third-party copyrights pertaining to content on this website that was not created by the operator. In particular, the content of third parties is identified as such. However, if you become aware of any copyright violations despite these efforts, we request that you provide us with the appropriate notification. We shall remove such content immediately upon becoming aware of any legal violations.

Rights to use content

The website, its programming, content, design and structure are subject to the proprietary rights granted by copyright, trademark and competition law. Copyright information and trademarks may not be changed or removed. It is prohibited to duplicate, to disseminate, or to make our web pages, their layout, or their content available online (by incorporating them into another website) or for download, in whole or in part, in changed or unchanged form, without our previous written consent. The only use permitted within the limits of copyright law is non-commercial, private use.

Concept, production and design
© bulwiengesa AG

This excludes the options included in the “sharing functions” (downloading images of the diagrams, downloading the data basis in an Excel format, disseminating the results through Twitter, LinkedIn or Xing, or by using the embed code), which we encourage.

Photos, graphics and images

All of the photos, images and graphic designs used on the website are protected by copyright.

Sources of images and image credits:

All images and photos come from
  • the internal company photo inventory of Deutsche Hypothekenbank (Actien-Gesellschaft)
  • the internal company photo inventory of bulwiengesa AG
  • from the stock photography provider iStock
  • from the stock photography provider AdobeStock (via Bijan Dawallu)
  • from the stock photography provider shutterstock (via Bijan Dawallu)

If you are interested in using any of these images, please contact the site operator, who will then establish contact between you and the copyright owner or authorised user.

Data Protection Statement

For the website

and its domains

registered to bulwiengesa AG.

1. General information

We operate the websites listed above with the goal of identifying and presenting statistical indicators relating to the real-estate economy for different European markets. The websites do not exchange any of the personal data that is, e.g., entered through contact forms or other input masks.

However, just visiting the website leads to the collection of personal data. This Data Protection Statement explains how and for what purpose this takes place.

Responsibility and Data Protection Officer

The controller responsible for data processing on this website is listed in the imprint and is the natural or legal person who, alone or jointly with others, determines the purposes and means of the processing of personal data (e.g., names, email addresses etc.).

Moreover, we have appointed a Data Protection Officer for our company, who has the following contact information:

bulwiengesa AG

Mr Jan Finke
Nymphenburger Straße 5
80335 Munich
Phone: +49 (0)89-232376-43

2. Nature and scope of collection and processing of personal data

Sie können die öffentlichen Bereiche unserer Webseite grundsätzlich ohne die gesonderte Eingabe personenbezogener Daten einsehen. Einige Daten werden jedoch automatisch beim Besuch der Website durch unsere IT-Systeme erfasst. Das sind vor allem technische Daten ('Systemdaten', z. B. Internetbrowser, Betriebssystem oder Uhrzeit des Seitenaufrufs). Die Erfassung dieser Daten erfolgt automatisch, sobald Sie unsere Website betreten.

Generally speaking, you can view the public areas of our website without having to specifically enter any personal data. However, our IT systems automatically record some data when you visit the website. This is mainly technical data (“system data”, e.g., information about your internet browser, operating system or the time at which you visited the website). This data is recorded automatically as soon as you enter our website.


Some parts of this website use what are referred to as “cookies”. It is only possible to achieve the full convenience of use that we are continuously striving for by using cookies. (Here is the definition of a “cookie” according to the German Wikipedia page: A cookie is text information that the website visited – here: “the server” – stores on the computer of the viewer – the “client” – through the client’s browser. The cookie is either sent to the browser by the web server or is generated on the website by a script. The client resends cookie information to the server each time he or she subsequently visits the website, that is, with each new request he or she sends to the server.) Cookies do not harm your computer and do not contain any viruses.

Most of the cookies we use are what are referred to as “session cookies”. They are automatically deleted at the end of your visit. Other cookies remain stored on your device until you delete them. These cookies allow us to recognise your browser the next time you visit.

You can adjust your browser’s settings so that you receive notification about the cookies being stored on your computer or so that you only allow the use of cookies on a case-by-case basis. You can also permit the use of cookies in certain circumstances, generally exclude their use or activate a function that automatically deletes cookies when you close your browser. Deactivating cookies can restrict the functionality of this website.

You can adjust your browser’s settings so that you receive notification about the cookies being stored on your computer or so that you only allow the use of cookies on a case-by-case basis. You can also permit the use of cookies in certain circumstances, generally exclude their use or activate a function that automatically deletes cookies when you close your browser. Deactivating cookies can restrict the functionality of this website.

Cookies that are required to carry out processes of electronic communication or to provide certain functions that you have requested are stored on your computer pursuant to article 6 (1) (f) GDPR. The website operator’s legitimate interest in storing cookies on your computer is the technical error-free, optimised provision of its services. Any other cookies (e.g., cookies that analyse your surfing behaviour) that are stored on your computer are dealt with separately in this Data Protection Statement.

Alongside the cookies that we store ourselves, third parties can also store cookies (“third-party cookies”) on your computer if they are embedded in this website. The only third party doing this at the moment is (which provides dynamic graphics); no personal data is exchanged or used in the process.

Server log files

The provider of the web pages automatically collects and stores information in what are referred to as “server log files” that your browser automatically transmits to us. These contain information about:

  • your browser type and browser version
  • the operating system you use
  • the referrer URL
  • the host name of the computer accessing the web page
  • the time at which the server request was made
  • your IP address

We collect and store log files, firstly, for security reasons, i.e., to identify when our services are being abused. Secondly, this data allows us to gain insights into how our service is being used. This is how we learn, for example, which web pages are especially popular, when our services are being used particularly intensively, how users navigate through our service etc. At the end, the results of this analysis are available in a statistical, anonymised form. We utilise the results to optimise our service both technically and editorially. This means, for example, that we do not know what kind of user behaviour you personally prefer; all we know is that there is a user out there who engages in that kind of user behaviour. We do not have the ability to use your IP address to identify you as an individual, nor do we have any interest in doing so.

Web analysis tools

The Deutsche Hypo REECOX website does not use any “web analysis tools” to analyse data traffic (e.g. Google Analytics). Therefore, no corresponding personal data, cookies etc. are either collected or used.

3. Handling data

Data protection measures and security

We take the protection of your personal data very seriously. While operating this website, we handle your data sensitively and carefully and ensure a high level of data security. In doing so, we are complying with the provisions of both the German Federal Data Protection Act (BDSG) and the German Telemedia Act (TMG) and will only collect and process personal data within the scope described in this Data Protection Statement.

We take technical and organisational security measures to ensure that we protect our users’ personal data against loss, incorrect changes or unauthorised access by third parties. This means that your data is encrypted when it is transmitted during registration, and your passwords and other data are encrypted for storage using in-house security technology. There is separate, additional security protection in place for our databases. In any case, we only allow authorised parties to access your personal data and only if it is required to fulfil the purposes named above.

For security reasons and to protect the transmission of confidential content, this website uses SSL and TLS encryption. You can tell if a connection is encrypted by looking to see whether the address line in your browser has changed from “http://” to “https://” and if there is padlock symbol in your address bar. If SSL or TLS encryption has been activated, the data that you transmit to us cannot be read by third parties.

We would like to make you aware that security gaps may arise when transmitting data on the internet (e.g., during email communications). It is not possible to completely protect data against access by third parties.

Forwarding data to third parties

Generally speaking, we will not forward your data to any third parties. We will only forward your data to third parties if and provided it is necessary to perform a contractual agreement with you or to assert our claims and rights; if an official institution, in particular any of the prosecution or regulatory authorities, requests it; if the data must be forwarded to prevent risks to public safety or to prosecute crimes; and/or we otherwise have a legal obligation to do so.

Access, rectification, erasure, blocking

Upon receiving your written request or request in text form, we will at any time provide you with information about the personal data we have stored about you as set out in section 13 (7) TMG and section 34 BDSG. You also have an option to request that the data in your user account and therefore your personal data be blocked or erased at any time. The only data that may not be erased is data that we require to complete any outstanding tasks or to assert our rights and claims as well as data that we are legally required to store. Your objection does not affect the legality of the data processing that takes place until the point in time at which you make your objection.

4. Sharing functions and social media

The website provides different options for sharing and exporting the content presented (Reecox values, Euro Score etc.), including:

  • exporting diagrams per PDF, JPEG: this function is made available by Highcharts, an external service provider. You will find more information about this provider at: This function does not collect, use, exchange or process any personal data. However, it could use cookies (“third party cookies”).
  • exporting data as an Excel file: this function does not collect, use, exchange or process any personal data.
  • embedding code to display content on other websites: this function does not collect, use, exchange or process any personal data.
  • linking to the services provided by Twitter, LinkedIn and Xing: these are not the plug-ins of the services listed here, which can sometimes collect/transmit personal data as soon as you visit the website. All this website does is display links to those services. No exchange of personal data takes place on this website. After clicking the link, you will find yourself on the pages of those services. We refer you to the data protection provisions of those services and to our explanations about links and external content.

Date: 25 May 2018