Germany vdp property price indices by segment and region, quarterly
The vdpResearch property price indices, built from the real transaction data of the German Pfandbrief banks: owner-occupied and multi-family housing, office and retail property, capital growth and rents, for Germany as a whole and for the regional categories and top cities the index covers.
| 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 | 95.9 | 96 | 95.8 | 95.3 | 94.7 | 94.2 | 93.5 | 92.9 | 92.2 | 92.1 | 92.3 | 93.1 | 94 | |
| Residential property | 98.5 | 98.2 | 97.9 | 97.3 | 96.7 | 96 | 95.4 | 94.7 | 93.9 | 93.6 | 93.6 | 94.5 | 95.2 | |
| Office and retail property | 87.8 | 88.9 | 89.3 | 89.1 | 88.7 | 88.5 | 87.7 | 87.2 | 87 | 87.3 | 88.1 | 88.7 | 90.3 | |
| Owner-occupied housing1 | ||||||||||||||
| Owner-occupied housing, total2 | 98.5 | 98.1 | 97.9 | 97.1 | 96.5 | 95.7 | 95.1 | 94.8 | 94 | 93.6 | 93.9 | 95.4 | 96.9 | |
| Single-family houses | 98.6 | 98.2 | 98.1 | 97.3 | 96.7 | 95.9 | 95.3 | 95.1 | 94.4 | 94 | 94.2 | 95.6 | 97 | |
| Condominiums | 98.2 | 97.7 | 97 | 96.1 | 95.7 | 95 | 94.1 | 93.5 | 92.6 | 92 | 92.9 | 94.5 | 96.4 | |
| Multi-family housing3 | ||||||||||||||
| Multi-family housing price | 98.6 | 98.3 | 97.9 | 97.6 | 97 | 96.4 | 95.8 | 94.6 | 93.8 | 93.6 | 93.2 | 93.6 | 93.4 | |
| Multi-family new-contract rents | 119.5 | 118.4 | 117.7 | 116.8 | 115.8 | 115 | 113.7 | 112.6 | 111.8 | 110.3 | 108.7 | 106.7 | 105.4 | |
| Multi-family capitalisation rate | 121.2 | 120.4 | 120.2 | 119.7 | 119.4 | 119.3 | 118.7 | 119 | 119.2 | 117.8 | 116.6 | 114 | 112.8 | |
| Office property3 | ||||||||||||||
| Office property price | 87.7 | 89 | 89.5 | 89.3 | 88.8 | 88.7 | 87.7 | 87.3 | 87.1 | 87.5 | 88.4 | 88.7 | 90.1 | |
| Office new-contract rents | 112.3 | 111.4 | 110.8 | 110 | 109.4 | 108.4 | 107.3 | 106.6 | 105.7 | 105.2 | 104.4 | 104.7 | 103.5 | |
| Office capitalisation rate | 128.1 | 125.2 | 123.8 | 123.2 | 123.2 | 122.2 | 122.3 | 122.1 | 121.4 | 120.2 | 118.1 | 118 | 114.9 | |
| Retail property3 | ||||||||||||||
| Retail property price | 88.1 | 88.7 | 88.8 | 88.6 | 88.3 | 88 | 87.9 | 86.9 | 86.6 | 86.6 | 87.1 | 88.8 | 90.8 | |
| Retail new-contract rents | 104.7 | 104.3 | 104.2 | 103.6 | 103.2 | 102.8 | 102.4 | 101.7 | 101.1 | 100.4 | 99.3 | 98.5 | 98.1 | |
| Retail capitalisation rate | 118.8 | 117.6 | 117.3 | 116.9 | 116.9 | 116.8 | 116.5 | 117 | 116.7 | 115.9 | 114 | 110.9 | 108 | |
| Regions and cities8 | ||||||||||||||
| Top seven cities7 | ||||||||||||||
| Residential property | 99.3 | 99.4 | 98.8 | 98.3 | 97.3 | 97.1 | 95.5 | 93.9 | 93 | 92.7 | 91.5 | 92 | 92.1 | |
| Owner-occupied housing | 98.2 | 98.2 | 97.8 | 97.2 | 96.7 | 95.6 | 94.7 | 94.2 | 93.3 | 92.7 | 93.2 | 94.2 | 95.5 | |
| Single-family houses | 98.3 | 98.1 | 97.9 | 97.1 | 96.7 | 95.6 | 95.1 | 94.7 | 93.9 | 93.4 | 93.7 | 94.6 | 95.9 | |
| Condominiums | 98.2 | 98.3 | 97.7 | 97.3 | 96.7 | 95.5 | 94.5 | 93.8 | 92.8 | 92.2 | 92.7 | 93.9 | 95.3 | |
| Multi-family capital value | 99.6 | 99.7 | 99.1 | 98.6 | 97.5 | 97.5 | 95.7 | 93.8 | 93 | 92.7 | 91 | 91.4 | 91.2 | |
| Multi-family new-contract rents | 117.5 | 117.2 | 116.5 | 115.8 | 115.8 | 114.5 | 112.6 | 111.6 | 111 | 109.7 | 108.3 | 106.7 | 105.3 | |
| Multi-family capitalisation rate | 118 | 117.6 | 117.6 | 117.4 | 118.8 | 117.4 | 117.7 | 119 | 119.4 | 118.3 | 119 | 116.7 | 115.5 | |
| Hamburg7 | ||||||||||||||
| Residential property | 101.7 | 101.1 | 100.1 | 98.8 | 98 | 96.4 | 95 | 93.9 | 92.7 | 92.2 | 92.7 | 94.1 | 95.4 | |
| Owner-occupied housing | 99.1 | 98.2 | 97.6 | 96.8 | 96 | 94.5 | 94.1 | 93.4 | 92.7 | 92 | 92.4 | 93.1 | 94.3 | |
| Single-family houses | 98.9 | 97.8 | 97.6 | 96.8 | 96.2 | 94.6 | 94.2 | 93.8 | 93.4 | 92.7 | 92.9 | 93.7 | 94.9 | |
| Condominiums | 99.4 | 98.9 | 97.7 | 96.8 | 95.7 | 94.4 | 94 | 92.7 | 91.6 | 90.9 | 91.5 | 92.2 | 93.4 | |
| Multi-family capital value | 102.6 | 102 | 100.8 | 99.4 | 98.5 | 97 | 95.3 | 94.1 | 92.7 | 92.3 | 92.8 | 94.4 | 95.8 | |
| Multi-family new-contract rents | 115.6 | 114.8 | 113.7 | 112.6 | 111.9 | 110.5 | 108.6 | 108.3 | 106.9 | 105.9 | 104.7 | 104.2 | 103 | |
| Multi-family capitalisation rate | 112.7 | 112.5 | 112.7 | 113.2 | 113.5 | 113.9 | 114 | 115 | 115.2 | 114.8 | 112.8 | 110.3 | 107.5 | |
| Düsseldorf7 | ||||||||||||||
| Residential property | 100.4 | 100 | 99 | 98.8 | 98 | 96.1 | 94.5 | 94 | 92.6 | 93.1 | 93.8 | 95.4 | 96.6 | |
| Owner-occupied housing | 98.1 | 97.8 | 97.7 | 98.1 | 97.5 | 95.5 | 94.5 | 93.9 | 93 | 93.1 | 93.8 | 95.4 | 96.6 | |
| Single-family houses | 99.5 | 99.2 | 99.4 | 99.7 | 99.1 | 97.4 | 96.6 | 95.1 | 94.5 | 94.2 | 94.5 | 97 | 98 | |
| Condominiums | 97.2 | 96.8 | 96.5 | 97 | 96.4 | 94.3 | 93.2 | 93.1 | 91.9 | 92.4 | 93.3 | 94.4 | 95.7 | |
| Multi-family capital value | 101.2 | 100.7 | 99.4 | 99 | 98.2 | 96.3 | 94.5 | 94 | 92.5 | 93.1 | 93.7 | 95.4 | 96.6 | |
| Multi-family new-contract rents | 116.1 | 115 | 113.7 | 113.4 | 112.1 | 111.1 | 109.5 | 107.9 | 106.8 | 106.9 | 105.9 | 104.2 | 102.9 | |
| Multi-family capitalisation rate | 114.7 | 114.2 | 114.3 | 114.5 | 114.2 | 115.4 | 115.9 | 114.8 | 115.4 | 114.8 | 113 | 109.2 | 106.5 | |
| Cologne7 | ||||||||||||||
| Residential property | 102.4 | 102.3 | 101.5 | 100.5 | 99.9 | 98.4 | 96.9 | 95.6 | 94.5 | 93.5 | 93.4 | 94.3 | 96.1 | |
| Owner-occupied housing | 99.7 | 99.7 | 99.2 | 98.9 | 98 | 96.8 | 95.8 | 95 | 93.9 | 92.7 | 93.1 | 94 | 95.5 | |
| Single-family houses | 98.8 | 98.7 | 99 | 98.2 | 97.6 | 96.6 | 96 | 95.8 | 94.8 | 93.7 | 94.1 | 95.5 | 96.6 | |
| Condominiums | 100.5 | 100.5 | 99.4 | 99.6 | 98.4 | 97 | 95.6 | 94.4 | 93.2 | 91.9 | 92.2 | 92.7 | 94.6 | |
| Multi-family capital value | 103.4 | 103.3 | 102.4 | 101.1 | 100.6 | 98.9 | 97.3 | 95.8 | 94.8 | 93.8 | 93.5 | 94.4 | 96.3 | |
| Multi-family new-contract rents | 114.7 | 113.9 | 113.1 | 111.5 | 111.5 | 110 | 108.8 | 107.8 | 107.6 | 107.4 | 106 | 104.1 | 103.3 | |
| Multi-family capitalisation rate | 110.9 | 110.2 | 110.4 | 110.2 | 110.8 | 111.1 | 111.7 | 112.5 | 113.5 | 114.4 | 113.4 | 110.3 | 107.3 | |
| Frankfurt7 | ||||||||||||||
| Residential property | 98.6 | 98.6 | 97.6 | 96.5 | 96.3 | 94.8 | 92.4 | 91.9 | 90.5 | 90.1 | 90.3 | 91.9 | 93 | |
| Owner-occupied housing | 95.3 | 95.4 | 95 | 93.9 | 93.8 | 92.4 | 91.3 | 91.1 | 89.7 | 89.5 | 89.8 | 91.2 | 92.6 | |
| Single-family houses | 96.1 | 96.2 | 96 | 94.4 | 94.3 | 92.6 | 91.8 | 91.7 | 90.4 | 91 | 91.5 | 92.2 | 94.1 | |
| Condominiums | 94.7 | 94.9 | 94.3 | 93.6 | 93.5 | 92.2 | 91 | 90.7 | 89.3 | 88.6 | 88.8 | 90.5 | 91.7 | |
| Multi-family capital value | 99.5 | 99.4 | 98.3 | 97.1 | 97 | 95.4 | 92.6 | 92.1 | 90.7 | 90.2 | 90.4 | 92 | 93.1 | |
| Multi-family new-contract rents | 115 | 114.6 | 113.3 | 112.5 | 112.3 | 110.7 | 107.9 | 107.5 | 107 | 105.8 | 104.6 | 102.6 | 101.8 | |
| Multi-family capitalisation rate | 115.6 | 115.1 | 115.2 | 115.8 | 115.7 | 116.1 | 116.4 | 116.6 | 117.9 | 117.2 | 115.7 | 111.5 | 109.3 | |
| Stuttgart7 | ||||||||||||||
| Residential property | 95.7 | 95.9 | 95.5 | 95.3 | 95 | 94.3 | 93.4 | 93 | 92.3 | 92.5 | 93.1 | 94.5 | 95.7 | |
| Owner-occupied housing | 94.3 | 94.6 | 94.3 | 94.5 | 94.4 | 93.7 | 93 | 92.9 | 92.4 | 92.3 | 93.1 | 94 | 95.5 | |
| Single-family houses | 98.1 | 98.4 | 98.3 | 98 | 98 | 96.6 | 95.4 | 95.1 | 94.5 | 93.7 | 94.7 | 95.1 | 97.1 | |
| Condominiums | 92.4 | 92.8 | 92.4 | 92.9 | 92.6 | 92.3 | 91.9 | 91.8 | 91.3 | 91.6 | 92.4 | 93.5 | 94.8 | |
| Multi-family capital value | 96.4 | 96.6 | 96 | 95.6 | 95.3 | 94.6 | 93.6 | 93.1 | 92.2 | 92.6 | 93.1 | 94.7 | 95.8 | |
| Multi-family new-contract rents | 111.7 | 111.4 | 111 | 110.8 | 110.4 | 109.7 | 108.9 | 107.1 | 106.8 | 104.7 | 104.1 | 103.3 | 102.3 | |
| Multi-family capitalisation rate | 115.9 | 115.3 | 115.6 | 115.8 | 115.9 | 116 | 116.3 | 115 | 115.8 | 113.1 | 111.9 | 109.1 | 106.7 | |
| Munich7 | ||||||||||||||
| Residential property | 98.8 | 98.4 | 97.8 | 96.9 | 96.6 | 95.1 | 93.4 | 92 | 90.7 | 91 | 91.5 | 93.6 | 95.2 | |
| Owner-occupied housing | 95.4 | 95.3 | 95 | 94.8 | 94.6 | 93.7 | 92.7 | 92 | 90.9 | 91 | 91.5 | 93.8 | 95.4 | |
| Single-family houses | 93.5 | 93.7 | 93.2 | 93.7 | 93.5 | 93 | 92.7 | 92.6 | 91.6 | 92 | 92.3 | 94.4 | 95.5 | |
| Condominiums | 96.4 | 96.2 | 95.9 | 95.4 | 95.1 | 94 | 92.7 | 91.7 | 90.5 | 90.6 | 91.1 | 93.4 | 95.3 | |
| Multi-family capital value | 100 | 99.3 | 98.7 | 97.5 | 97.2 | 95.6 | 93.6 | 92 | 90.6 | 91 | 91.5 | 93.6 | 95.1 | |
| Multi-family new-contract rents | 116.8 | 115.8 | 115 | 114.2 | 114.1 | 112.6 | 110.9 | 109.3 | 109 | 108.1 | 107.1 | 105.5 | 104.3 | |
| Multi-family capitalisation rate | 116.8 | 116.5 | 116.5 | 117.1 | 117.4 | 117.8 | 118.5 | 118.8 | 120.2 | 118.8 | 117 | 112.7 | 109.6 | |
| Berlin7 | ||||||||||||||
| Residential property | 102.4 | 102.2 | 101.8 | 100.7 | 100.8 | 99.3 | 97.3 | 96.5 | 95.7 | 94.6 | 95.1 | 96.2 | 97.4 | |
| Owner-occupied housing | 100.9 | 100.8 | 100.4 | 99.4 | 99 | 98 | 97.1 | 96.7 | 95.9 | 94.9 | 95.3 | 95.7 | 96.8 | |
| Single-family houses | 99.8 | 99.7 | 99.5 | 98.2 | 97.9 | 97 | 96.4 | 96.1 | 95.1 | 94.5 | 94.7 | 95 | 96.1 | |
| Condominiums | 102.3 | 101.9 | 101.4 | 100.6 | 100.3 | 99 | 97.8 | 97.4 | 96.9 | 95.4 | 95.9 | 96.5 | 97.5 | |
| Multi-family capital value | 102.7 | 102.4 | 102 | 100.9 | 101.1 | 99.5 | 97.3 | 96.5 | 95.7 | 94.5 | 95 | 96.3 | 97.5 | |
| Multi-family new-contract rents | 120.6 | 120.3 | 120 | 119.5 | 119.9 | 118.8 | 116.6 | 115.6 | 115.3 | 113.2 | 111.7 | 109.7 | 107.8 | |
| Multi-family capitalisation rate | 117.4 | 117.4 | 117.6 | 118.4 | 118.7 | 119.4 | 119.8 | 119.8 | 120.4 | 119.8 | 117.5 | 113.9 | 110.6 |
Latest reading
Residential property stood at 98.5 in Q2 2026. That is +0.3% from Q1 2026 and +1.9% from a year earlier. The series on this page is quarterly and runs from Q1 2003 to Q2 2026. Source: Association of German Pfandbrief Banks (vdp) / vdpResearch.
- Latest
- 98.5
- Q2 2026
- vs previous period
- +0.3%
- Q1 2026
- vs a year earlier
- +1.9%
About this data
The vdpResearch property price indices, built from the real transaction data of the German Pfandbrief banks: owner-occupied and multi-family housing, office and retail property, capital growth and rents, for Germany as a whole and for the regional categories and top cities the index covers.
