Germany vdp property price index
Germany vdp property price index tracks the values and rents of residential and commercial property.
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| Indicator | Q2-2026 | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | Q4-2023 | Q3-2023 | Q2-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Germany5 | ||||||||||||||
| Overall property market1 | ||||||||||||||
| Overall property price index2 | +1.3% | +1.9% | +2.5% | +2.6% | +2.7% | +2.3% | +1.3% | −0.2% | −1.9% | −3.7% | −5.6% | −6.8% | −7.4% | |
| Residential property | +1.9% | +2.3% | +2.6% | +2.7% | +3.0% | +2.6% | +1.9% | +0.2% | −1.4% | −2.6% | −4.5% | −5.5% | −6.2% | |
| Office and retail property | −1.0% | +0.5% | +1.8% | +2.2% | +2.0% | +1.4% | −0.5% | −1.7% | −3.7% | −7.3% | −9.3% | −10.9% | −10.9% | |
| Owner-occupied housing1 | ||||||||||||||
| Owner-occupied housing, total2 | +2.1% | +2.5% | +2.9% | +2.4% | +2.7% | +2.2% | +1.3% | −0.6% | −3.0% | −3.8% | −5.8% | −5.7% | −3.8% | |
| Single-family houses | +2.0% | +2.4% | +2.9% | +2.3% | +2.4% | +2.0% | +1.2% | −0.5% | −2.7% | −3.7% | −5.6% | −5.6% | −3.8% | |
| Condominiums | +2.6% | +2.8% | +3.1% | +2.8% | +3.3% | +3.3% | +1.3% | −1.1% | −3.9% | −4.7% | −6.5% | −6.6% | −4.1% | |
| Multi-family housing3 | ||||||||||||||
| Multi-family housing price | +1.6% | +2.0% | +2.2% | +3.2% | +3.4% | +3.0% | +2.8% | +1.1% | +0.4% | −1.4% | −3.1% | −5.3% | −8.8% | |
| Multi-family new-contract rents | +3.2% | +3.0% | +3.5% | +3.7% | +3.6% | +4.3% | +4.6% | +5.5% | +6.1% | +5.6% | +5.8% | +5.9% | +6.3% | |
| Multi-family capitalisation rate | +1.5% | +0.9% | +1.3% | +0.6% | +0.2% | +1.3% | +1.8% | +4.4% | +5.7% | +7.0% | +9.2% | +11.8% | +16.4% | |
| Office property3 | ||||||||||||||
| Office property price | −1.2% | +0.3% | +2.1% | +2.3% | +2.0% | +1.4% | −0.8% | −1.6% | −3.3% | −7.5% | −9.4% | −11.1% | −11.0% | |
| Office new-contract rents | +2.7% | +2.8% | +3.3% | +3.2% | +3.5% | +3.0% | +2.8% | +1.8% | +2.1% | +2.9% | +1.9% | +3.9% | +4.7% | |
| Office capitalisation rate | +4.0% | +2.5% | +1.2% | +0.9% | +1.5% | +1.7% | +3.6% | +3.5% | +5.7% | +11.3% | +12.5% | +16.8% | +17.6% | |
| Retail property3 | ||||||||||||||
| Retail property price | −0.2% | +0.8% | +1.0% | +2.0% | +2.0% | +1.6% | +0.9% | −2.1% | −4.6% | −6.7% | −8.9% | −10.4% | −10.9% | |
| Retail new-contract rents | +1.5% | +1.5% | +1.8% | +1.9% | +2.1% | +2.4% | +3.1% | +3.2% | +3.1% | +3.3% | +2.5% | −0.9% | −3.3% | |
| Retail capitalisation rate | +1.6% | +0.7% | +0.7% | −0.1% | +0.2% | +0.8% | +2.2% | +5.5% | +8.1% | +10.7% | +12.4% | +10.6% | +8.5% | |
| Regions and cities8 | ||||||||||||||
| Top seven cities7 | ||||||||||||||
| Residential property | +2.1% | +2.4% | +3.5% | +4.7% | +4.6% | +4.7% | +4.4% | +2.1% | +1.0% | −1.9% | −4.2% | −6.3% | −10.5% | |
| Owner-occupied housing | +1.6% | +2.7% | +3.3% | +3.2% | +3.6% | +3.1% | +1.6% | 0.0% | −2.3% | −3.3% | −5.3% | −6.7% | −5.8% | |
| Single-family houses | +1.7% | +2.6% | +2.9% | +2.5% | +3.0% | +2.4% | +1.5% | +0.1% | −2.1% | −2.7% | −4.7% | −6.3% | −5.6% | |
| Condominiums | +1.6% | +2.9% | +3.4% | +3.7% | +4.2% | +3.6% | +1.9% | −0.1% | −2.6% | −3.8% | −5.8% | −7.0% | −5.8% | |
| Multi-family capital value | +2.2% | +2.3% | +3.6% | +5.1% | +4.8% | +5.2% | +5.2% | +2.6% | +2.0% | −1.5% | −3.9% | −6.2% | −11.7% | |
| Multi-family new-contract rents | +1.5% | +2.4% | +3.5% | +3.8% | +4.3% | +4.4% | +4.0% | +4.6% | +5.4% | +4.6% | +5.4% | +5.9% | +6.1% | |
| Multi-family capitalisation rate | −0.7% | +0.2% | −0.1% | −1.3% | −0.5% | −0.8% | −1.1% | +2.0% | +3.4% | +6.1% | +9.6% | +12.8% | +20.3% | |
| Hamburg7 | ||||||||||||||
| Residential property | +3.8% | +4.9% | +5.4% | +5.2% | +5.7% | +4.6% | +2.5% | −0.2% | −2.8% | −4.9% | −5.3% | −6.7% | −6.5% | |
| Owner-occupied housing | +3.2% | +3.9% | +3.7% | +3.6% | +3.6% | +2.7% | +1.8% | +0.3% | −1.7% | −3.4% | −5.1% | −7.9% | −7.5% | |
| Single-family houses | +2.8% | +3.4% | +3.6% | +3.2% | +3.0% | +2.0% | +1.4% | +0.1% | −1.6% | −2.7% | −4.6% | −7.5% | −7.1% | |
| Condominiums | +3.9% | +4.8% | +3.9% | +4.4% | +4.5% | +3.9% | +2.7% | +0.5% | −1.9% | −4.3% | −6.3% | −8.6% | −8.2% | |
| Multi-family capital value | +4.2% | +5.2% | +5.8% | +5.6% | +6.3% | +5.1% | +2.7% | −0.3% | −3.2% | −5.2% | −5.3% | −6.3% | −6.1% | |
| Multi-family new-contract rents | +3.3% | +3.9% | +4.7% | +4.0% | +4.7% | +4.3% | +3.7% | +3.9% | +3.8% | +3.0% | +3.4% | +3.7% | +3.1% | |
| Multi-family capitalisation rate | −0.7% | −1.2% | −1.1% | −1.6% | −1.5% | −0.8% | +1.1% | +4.3% | +7.2% | +8.8% | +9.1% | +10.6% | +9.8% | |
| Düsseldorf7 | ||||||||||||||
| Residential property | +2.4% | +4.1% | +4.8% | +5.1% | +5.8% | +3.2% | +0.7% | −1.5% | −4.1% | −3.5% | −4.8% | −5.2% | −4.9% | |
| Owner-occupied housing | +0.6% | +2.4% | +3.4% | +4.5% | +4.8% | +2.6% | +0.7% | −1.6% | −3.7% | −2.9% | −4.6% | −5.3% | −4.6% | |
| Single-family houses | +0.4% | +1.8% | +2.9% | +4.8% | +4.9% | +3.4% | +2.2% | −2.0% | −3.6% | −2.7% | −3.4% | −3.9% | −3.2% | |
| Condominiums | +0.8% | +2.7% | +3.5% | +4.2% | +4.9% | +2.1% | −0.1% | −1.4% | −4.0% | −3.1% | −5.4% | −6.2% | −5.5% | |
| Multi-family capital value | +3.1% | +4.6% | +5.2% | +5.3% | +6.2% | +3.4% | +0.9% | −1.5% | −4.2% | −3.6% | −5.0% | −5.2% | −5.0% | |
| Multi-family new-contract rents | +3.6% | +3.5% | +3.8% | +5.1% | +5.0% | +3.9% | +3.4% | +3.6% | +3.8% | +4.0% | +4.2% | +2.9% | +3.6% | |
| Multi-family capitalisation rate | +0.4% | −1.0% | −1.4% | −0.3% | −1.0% | +0.5% | +2.6% | +5.1% | +8.4% | +8.0% | +9.6% | +8.3% | +9.0% | |
| Cologne7 | ||||||||||||||
| Residential property | +2.5% | +4.0% | +4.7% | +5.1% | +5.7% | +5.2% | +3.7% | +1.4% | −1.7% | −3.0% | −4.4% | −6.6% | −5.5% | |
| Owner-occupied housing | +1.7% | +3.0% | +3.5% | +4.1% | +4.4% | +4.4% | +2.9% | +1.1% | −1.7% | −2.5% | −4.3% | −7.2% | −5.9% | |
| Single-family houses | +1.2% | +2.2% | +3.1% | +2.5% | +3.0% | +3.1% | +2.0% | +0.3% | −1.9% | −1.7% | −2.7% | −6.1% | −5.1% | |
| Condominiums | +2.1% | +3.6% | +4.0% | +5.5% | +5.6% | +5.5% | +3.7% | +1.8% | −1.5% | −3.2% | −5.6% | −8.1% | −6.6% | |
| Multi-family capital value | +2.8% | +4.4% | +5.2% | +5.5% | +6.1% | +5.4% | +4.1% | +1.5% | −1.6% | −3.2% | −4.4% | −6.4% | −5.4% | |
| Multi-family new-contract rents | +2.9% | +3.5% | +4.0% | +3.4% | +3.6% | +2.4% | +2.6% | +3.6% | +4.2% | +5.2% | +4.5% | +2.9% | +3.9% | |
| Multi-family capitalisation rate | +0.1% | −0.8% | −1.2% | −2.0% | −2.4% | −2.9% | −1.5% | +2.0% | +5.8% | +8.6% | +9.5% | +10.0% | +9.8% | |
| Frankfurt7 | ||||||||||||||
| Residential property | +2.4% | +4.0% | +5.6% | +5.0% | +6.4% | +5.2% | +2.3% | 0.0% | −2.7% | −4.3% | −6.1% | −9.0% | −9.1% | |
| Owner-occupied housing | +1.6% | +3.2% | +4.1% | +3.1% | +4.6% | +3.2% | +1.7% | −0.1% | −3.1% | −4.4% | −6.9% | −10.1% | −9.1% | |
| Single-family houses | +1.9% | +3.9% | +4.6% | +2.9% | +4.3% | +1.8% | +0.3% | −0.5% | −3.9% | −4.8% | −6.1% | −9.1% | −7.7% | |
| Condominiums | +1.3% | +2.9% | +3.6% | +3.2% | +4.7% | +4.1% | +2.5% | +0.2% | −2.6% | −4.0% | −7.5% | −10.7% | −10.0% | |
| Multi-family capital value | +2.6% | +4.2% | +6.2% | +5.4% | +6.9% | +5.8% | +2.4% | +0.1% | −2.6% | −4.2% | −5.9% | −8.8% | −9.1% | |
| Multi-family new-contract rents | +2.4% | +3.5% | +5.0% | +4.7% | +5.0% | +4.6% | +3.2% | +4.8% | +5.1% | +4.2% | +4.4% | +1.7% | +1.7% | |
| Multi-family capitalisation rate | −0.1% | −0.9% | −1.0% | −0.7% | −1.9% | −0.9% | +0.6% | +4.6% | +7.9% | +8.8% | +10.9% | +11.6% | +11.9% | |
| Stuttgart7 | ||||||||||||||
| Residential property | +0.7% | +1.7% | +2.2% | +2.5% | +2.9% | +1.9% | +0.3% | −1.6% | −3.6% | −3.6% | −5.3% | −5.9% | −5.7% | |
| Owner-occupied housing | −0.1% | +1.0% | +1.4% | +1.7% | +2.2% | +1.5% | −0.1% | −1.2% | −3.2% | −3.1% | −5.4% | −6.7% | −5.5% | |
| Single-family houses | +0.1% | +1.9% | +3.0% | +3.0% | +3.7% | +3.1% | +0.7% | 0.0% | −2.7% | −2.0% | −4.0% | −6.0% | −4.2% | |
| Condominiums | −0.2% | +0.5% | +0.5% | +1.2% | +1.4% | +0.8% | −0.5% | −1.8% | −3.7% | −3.8% | −5.9% | −7.0% | −6.1% | |
| Multi-family capital value | +1.2% | +2.1% | +2.6% | +2.7% | +3.4% | +2.2% | +0.5% | −1.7% | −3.8% | −3.8% | −5.2% | −5.6% | −5.8% | |
| Multi-family new-contract rents | +1.2% | +1.5% | +1.9% | +3.5% | +3.4% | +4.8% | +4.6% | +3.7% | +4.4% | +2.6% | +3.6% | +3.0% | +2.2% | |
| Multi-family capitalisation rate | 0.0% | −0.6% | −0.6% | +0.7% | +0.1% | +2.6% | +3.9% | +5.4% | +8.5% | +6.8% | +9.4% | +9.1% | +8.4% | |
| Munich7 | ||||||||||||||
| Residential property | +2.3% | +3.5% | +4.7% | +5.3% | +6.5% | +4.5% | +2.1% | −1.7% | −4.7% | −5.3% | −6.3% | −6.9% | −6.7% | |
| Owner-occupied housing | +0.8% | +1.7% | +2.5% | +3.0% | +4.1% | +3.0% | +1.3% | −1.9% | −4.7% | −5.6% | −6.6% | −7.1% | −5.9% | |
| Single-family houses | 0.0% | +0.8% | +0.5% | +1.2% | +2.1% | +1.1% | +0.4% | −1.9% | −4.1% | −5.1% | −6.0% | −6.5% | −5.9% | |
| Condominiums | +1.4% | +2.3% | +3.5% | +4.0% | +5.1% | +3.8% | +1.8% | −1.8% | −5.0% | −5.7% | −6.9% | −7.4% | −5.9% | |
| Multi-family capital value | +2.9% | +3.9% | +5.4% | +6.0% | +7.3% | +5.1% | +2.3% | −1.7% | −4.7% | −5.2% | −6.2% | −6.8% | −6.9% | |
| Multi-family new-contract rents | +2.4% | +2.8% | +3.7% | +4.5% | +4.7% | +4.2% | +3.5% | +3.6% | +4.5% | +4.5% | +5.5% | +5.2% | +4.3% | |
| Multi-family capitalisation rate | −0.5% | −1.1% | −1.7% | −1.4% | −2.3% | −0.8% | +1.3% | +5.4% | +9.7% | +10.3% | +12.5% | +12.8% | +12.1% | |
| Berlin7 | ||||||||||||||
| Residential property | +1.6% | +2.9% | +4.6% | +4.4% | +5.3% | +5.0% | +2.3% | +0.3% | −1.7% | −4.3% | −5.1% | −4.7% | −3.6% | |
| Owner-occupied housing | +1.9% | +2.9% | +3.4% | +2.8% | +3.2% | +3.3% | +1.9% | +1.0% | −0.9% | −2.0% | −4.7% | −5.2% | −4.1% | |
| Single-family houses | +1.9% | +2.8% | +3.2% | +2.2% | +2.9% | +2.6% | +1.8% | +1.2% | −1.0% | −1.9% | −5.0% | −5.6% | −4.9% | |
| Condominiums | +2.0% | +2.9% | +3.7% | +3.3% | +3.5% | +3.8% | +2.0% | +0.9% | −0.6% | −2.1% | −4.5% | −4.6% | −3.0% | |
| Multi-family capital value | +1.6% | +2.9% | +4.8% | +4.6% | +5.6% | +5.3% | +2.4% | +0.2% | −1.8% | −4.7% | −5.2% | −4.6% | −3.5% | |
| Multi-family new-contract rents | +0.6% | +1.3% | +2.9% | +3.4% | +4.0% | +4.9% | +4.4% | +5.4% | +7.0% | +5.1% | +6.7% | +8.7% | +9.6% | |
| Multi-family capitalisation rate | −1.1% | −1.7% | −1.8% | −1.2% | −1.4% | −0.3% | +2.0% | +5.2% | +8.9% | +10.3% | +12.4% | +13.9% | +13.6% |
Latest reading
The series on this page is quarterly and runs from Q1 2008 to Q2 2026.
About this data
Germany vdp property price index tracks the values and rents of residential and commercial property. The quarterly data from the Association of German Pfandbrief Banks (vdp) builds on real transaction data to measure owner-occupied housing, multi-family units, office space and retail properties. The series, set to a 2022=100 index base, cover capitalisation rates and new-contract rents across Germany, its regions and large cities. The continuous history runs since 2003.
Frequently asked questions
- What is the latest figure for Germany vdp property price index?
- Overall property price index stood at 95.9 in Q2 2026. That is −0.1% from Q1 2026 and +1.3% from a year earlier.
- How far back does the Germany vdp property price index data go?
- The series on this page is quarterly and runs from Q1 2008 to Q2 2026. Every series in the table can be charted over its full history and downloaded as CSV or Excel.
- What does the Germany vdp property price index measure?
- The Germany vdp property price index measures the capital values, rents and capitalisation rates of real estate. Built on real transaction data from Pfandbrief banks, it covers both residential and commercial property markets.
- Which property types are included in the German vdp index?
- The index covers residential property such as owner-occupied housing, single-family houses, condominiums and multi-family housing. For commercial real estate, it tracks office buildings and retail properties.
- How are the Germany vdp property indices presented?
- The property values and rents are presented as an index with a 2022=100 base year. This structure allows users to observe proportional changes across Germany as a whole, its regions and large cities.