Purpose - This paper investigates the relationship between property news and the German real estate market in general, and the behaviour of German listed real estate companies in particular. More precisely, it reveals the specific media attention towards real estate service firms, large cities and positive / negative news over time starting in 2009.

Design/methodology/approach - We use a profound data sample from Thomas Daily, the leading property news provider in Germany. All covered news is examined via text analysis by focussing on specific sentiment related key words.

Findings - The analysis draws an interesting picture of the past trends in the German real estate market and the link between positive and negative news and the respective movements of real estate company shares. Furthermore, we find that media attention among the different service providers does differ over time. The same goes for major German office locations. Practical Implications - The findings should be of particular interest for real estate market participants, as the established relationships can potentially be utilized to anticipate trends and short-term market movements. The results also serve as an attention indicator for different locations (cities) and the perception/importance of service firms.

Originality/value - This is the first paper which applies text analysis to property specific news sources.