Germany gross value added index, real estate
Germany gross value added index, real estate stood at 112.54 in 2025, according to Deutsche Bundesbank. It is one of the indicators in the National accounts (annual) table (Value · Annual), with a complete series running from 1991 to 2025. The complete series with an interactive chart, free to download.
This indicator in the National accounts (annual) table
| Indicator | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Origin of GDP, All economic sectors, Chain-linked index | 105.69 | 105.67 | 105.68 | 106.35 | 104.12 | 100 | 104.4 | 103.56 | 102.19 | 99.21 | |
| Origin of GDP, Real estate activities, Chain-linked index | 112.54 | 111.63 | 107.46 | 104.07 | 102.15 | 100 | 99.39 | 98.83 | 98.36 | 97.73 | |
| Origin of GDP, Information and communication, Chain-linked index | 121.19 | 117.75 | 118.39 | 109.33 | 107.41 | 100 | 101.22 | 97.44 | 90.13 | 84.75 |
Understanding germany gross value added index, real estate
Property management, real estate agency operations, and the imputed rental value of owner-occupied housing determine the output for this specific sector. The metric evaluates the net economic contribution of leasing, buying, selling, and appraising land and buildings. Crucially, it includes a theoretical calculation representing the service homeowners provide to themselves by living in their own properties. The chain-linked index adjusts for property market inflation to capture the real volume of housing services and commercial property intermediation.
The inclusion of imputed rent means this metric relies on the total housing stock, which evolves gradually regardless of immediate economic conditions. Analysts must differentiate this index from construction output; this metric tracks the service of utilizing existing buildings, not the creation of new ones. Sudden fluctuations are extremely rare, and any volatility typically stems from the much smaller commercial real estate agency component. The deflator used to calculate the volume index relies heavily on rental price indices rather than asset valuation shifts in the property market.
Frequently asked questions
- Does this metric track the construction of new residential properties?
- No, the physical building of homes falls under the construction sector, while this series measures the services derived from existing real estate.
- Are homeowners who do not pay rent included in this calculation?
- Yes, the national accounts include an imputed rent calculation to capture the housing services owner-occupiers consume by living in their own homes.
- How do property price changes affect the final index value?
- The chain-linked volume adjustments specifically strip out real estate inflation, ensuring the metric measures the physical quantity of property services provided.