International stock markets were influenced by the volatile development of prices for raw materials and crude oil as well as the subsequent impact on economic growth, inflation and interest rates during the IMMOFINANZ financial year from May 2006 to the end of April 2007. In spite of massive corrections during early summer, all key international stock indexes reported positive results for the fourth calendar year in succession. However, this development was qualified by a sharp, but brief correction in February 2007; in total, the upward trend continued during the first quarter of 2007, although macroeconomic factors and geopolitical risks clouded the general investment climate.

In year-on-year comparison, the US S&P 500 recorded an increase of 13,1% as of April 2007 and the leading German DAX reported a plus of 23.3%. The Austrian Traded Index (ATX) of the Vienna Stock Exchange closed with 4,738 points at the end of April, which represents an increase of 13.5% over the previous year.

Property shares outperformed the market during the 2006/07 financial year, with positive impulses provided above all by the strong economic recovery in Eastern Europe and the resulting increase in the demand for space. The I-ATX property index of the Vienna Stock Exchange recorded a plus of nearly 26% from May 2006 to the end of April 2007. However, the early summer months of 2007 brought in part significant corrections. Uncertainly was fuelled above all an ECB announcement of a further increase in the interest rate to 4.25%, which triggered a sharp drop in share prices over the summer months.