I agree that the losers are renters, at least for now. Although it does speak volumes that at the current stage professional investors in Germany are expected to shift investments into bonds because the yield will likely be higher. It's still popular with small scale investors but I doubt that many people are really familiar with the possible risks.

That said I'm curious how things will develop. Now that U.K. expects up to 18% inflation I wonder if the price-salary-real estate spiral in the metropoles can keep up its momentum.