In the context of this paper, the macroeconomic consequences, related to real estate price increases in a low-interest rate environment, for the German real estate market will be considered. Starting with an introduction to the topic, the development of real estate prices over the past ten years and the relevant development of the interest rate situation will be presented. After indicating the direction of this development, the resulting macroeconomic implications are derived and explained. A conclusion will summarize the presented results and, within the framework of an outlook, a forecast for a possible development in the future will be given.