Rent out or sell a condominium? Decision in times of crisis?

Exactly. Now it's a matter of waiting and observing the situation. Currently, hardly anyone is likely to buy. The factor 35 is standard nowadays for new-build apartments (also in the commuter belt). However, until 5 years ago, it was still possible to purchase a new-build apartment for renting out at a factor between 25-30.

If you have to pay 4-5% interest, you actually can’t enter rental properties at more than 20 times the annual net cold rent. Could be an indication of future price development....

It is, but since neither construction costs are falling (thus new builds are reduced) nor demand is falling (immigration), rents continue to rise. By the way, this has been easy to observe in many regions from around mid-2022. When I purchased a renovation property in 2019, the calculation included 11€/m2 rent; at the beginning of 2022 I adjusted the calculation to 12.50€, and in August it was actually rented out for 14€/m2!

Rents will certainly rise, although I observe here that the higher-priced properties tend to stay on the market longer (3-4 months), as some people reconsider moving into an expensive new-build apartment. They are rented out as well, but they do not disappear from the internet after 2-3 days like before the inflation.

It is, but since neither construction costs decrease (thus new construction is reduced) nor demand decreases (immigration), rents increase. By the way, in many regions this has been clearly observable since around mid-2022. When I acquired a renovation property in 2019, 11€/m2 rent was used in the calculation, at the beginning of 2022 I adjusted the calculation to 12.50€, in August it was rented out for 14€/m2!

rent increases are even more extreme here. At the beginning of 2020 we planned with 7.5€ cold rent as a minimum coverage contribution, currently new apartments are definitely rented out for 12-14€ cold. However, my rented residential unit is rented warm (including everything except internet) for 12.84€ ;-)

However, I would not rely on rent increases continuing in this way. The topic is politically too important, and then it will be slowed down.

Although I wouldn’t rely on rental increases continuing like this. The issue is politically too important, and then it will be slowed down.

If rents (as currently and in the past) are heavily curbed, logically the new construction rate decreases because it is no longer profitable – right?
I currently don’t see any way out of the dilemma, except massively increasing state (subsidized) housing construction instead of, as in recent decades, continuously scaling it down. Because a corresponding increase in wages to afford the higher rents, which is also partially desirable, would again accelerate the wage/price spiral – also not good since eternal growth is simply not possible.