The IZ article also considers the second joint Off-Market Study by bulwiengesa and HPBA. The newspaper reports that the segment for off-market transactions has seen greater interest on the part of investors. Accordingly, 98 per cent of the investors surveyed in the study are involved at least partially in off-market transactions. The greater exclusivity and the greater execution certainty are rewarded by the respondents with price mark-ups of as much as 7.5 per cent. The estimated transaction volume for residential and commercial real estate for 2018 amounted to some 40 to 70 billion euros; this sum is not covered by the broker statistics. According to Andreas Schulten, the executive manager at bulwiengesa, this figure is difficult to determine as a lot of deals “slip under the radar”. A statement that is confirmed by HPBA CEO John Amram: “There are a lot of transactions that nobody knows anything about.”