Construction costs are currently skyrocketing

From my point of view, this is most comparable to cold rent (renting) with interest payment to the bank (bank), right?

I agree. Because both items are gone each time. You don’t see them again. The repayment portion is then the savings rate that the tenant theoretically would have to set aside on the side.

I agree. Because both costs are gone. You don’t see them again. The repayment portion is then the savings rate that the tenant would theoretically have to put aside on the side.

A functioning part of the house is not free. It is included in the cold rent. Certainly not in the interest payments.

In my scenario, there is no delta for the tenant. He pays rent equal to the annuity paid by the owner. That means the only comparison is then repayment + invested equity + increase in value of the land share - depreciation on real estate) vs. investment (to the amount of the equity contributed). Because whatever the tenant invests beyond that, the owner could also do.

So the maintenance of the property must also be taken into account. While this is covered by the rent, the owner has to save for it again. You can see this repeatedly in the cost breakdowns here. In addition, very few people can probably buy or build in one of the mentioned metropolises. Hardly anyone can anymore anyway. So the apartment has to be compared to those that are also located in the vicinity of the house.

is probably right when he says that often as an owner without forced saving, savings do not happen. This is likely shown by practice. But it is not because it is impossible, but because it is not done. This cannot be an argument in this theoretical discussion.

You can also estimate more simply. The buyer has total costs of €750,000 for his house over 30 years and an equity value of €750,000 (with the assumption: appreciation offsets operating and maintenance costs). The tenant pays an average of €24,000 p.a. for a comparable rental property x 30 years = €720,000. Regarding the different distribution of expenses over the years and the investment of the money not spent - whenever this would be available - the tenant would have to build up €750,000 in capital to be "pari" with the buyer after 30 years. If ETFs can do that - respect! I just lack belief.

I have taken into account above with "Abschreibung Immo". Either it is depreciated and not maintained, then you get less when selling, or you invest in it, then the property is worth more later. The case of newly renting a property must be compared with building/buying a comparable property. Isn't that clear? You cannot reasonably compare an occupied rental apartment with a house that is yet to be built.