Germany nominal value added in real estate, adjusted
Germany nominal value added in real estate, adjusted stood at 114.47 EUR billion in Q2 2026, according to Deutsche Bundesbank. It is one of the indicators in the Quarterly national accounts table (Value · Quarterly), with a complete series running from Q1 1991 to Q2 2026. The complete series with an interactive chart, free to download.
This indicator in the Quarterly national accounts table
| Indicator | Q2-2026 | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| All economic sectors, calendar and seasonally adjusted | 1,064.56 | 1,048.75 | 1,047.07 | 1,028.9 | 1,023.36 | 1,012.42 | 1,008.02 | 995.15 | 992.37 | 986.57 | |
| Real estate activities, seasonally adjusted only | 114.47 | 113.22 | 112.38 | 111.23 | 110.78 | 109.79 | 109.11 | 109.01 | 109.1 | 108.3 | |
| Agriculture, forestry and fishing, calendar and seasonally adjusted | 7.48 | 8.07 | 8.8 | 9.8 | 9.87 | 9.8 | 9.56 | 9.81 | 9.84 | 9.41 |
Understanding germany nominal value added in real estate, adjusted
The generation of income tied directly to property ownership, leasing, and intermediation defines the boundaries of this specific sector metric. It calculates the unadjusted monetary surplus left after subtracting the operational costs of housing services, commercial letting, and brokerage from total industry receipts. A major distinctive feature of this row is the inclusion of imputed rents, meaning it tracks the theoretical value owner-occupiers receive from living in their own homes alongside actual cash transactions. This ensures the national accounts capture the entire flow of accommodation services regardless of tenancy status.
Sequential quarterly analysis provides insight into shifting housing dynamics, with the seasonal filters stripping out standard cyclical leasing patterns. Revisions are particularly sensitive to updated models of imputed rent, which rely on slowly moving structural surveys rather than high-frequency sales data. It is a severe misstep to interpret this series as a proxy for construction vitality, as it completely excludes the physical building of structures and focuses strictly on managing and utilizing existing housing stock. The monetary valuation here also shifts automatically alongside prevailing regional rental price adjustments.
Frequently asked questions
- Does this metric track the physical construction of new housing?
- The physical erection of structures falls under the construction sector, while this category focuses strictly on property management and leasing.
- Are homeowners who do not pay rent factored into the calculation?
- Yes, the national accounts assign an imputed rental value to owner-occupied dwellings, ensuring the metric reflects the entire residential stock.
- Does the measure account for changing property valuations over time?
- It tracks the flow of rental services and intermediation fees rather than capturing unrealized wealth gains from fluctuating asset prices.