Germany real estate activities turnover index
Germany real estate activities turnover index stood at 112.3 in Jul 2026, according to Deutsche Bundesbank and Statistisches Bundesamt (Destatis). It is one of the indicators in the Services output, turnover and employment table (Value · Monthly), with a complete series running from Jan 2015 to Jul 2026. The complete series with an interactive chart, free to download.
This indicator in the Services output, turnover and employment table
| Indicator | 07-2026 | 06-2026 | 05-2026 | 04-2026 | 03-2026 | 02-2026 | 01-2026 | 12-2025 | 11-2025 | 10-2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected services and accommodation (H, I, J, L, M, N) | 150.2 | 149.3 | 151.5 | 148.7 | 147.4 | 148.1 | 147.3 | 144.9 | 145.4 | 145.7 | |
| Section L - Real estate activities | 112.3 | 108.7 | 110.1 | 108.4 | 107.7 | 107.6 | 107.2 | 105.9 | 106.5 | 107.2 | |
| Section M - Professional, scientific and technical activities | 156.8 | 153.6 | 156.9 | 154 | 150.2 | 155.5 | 153.9 | 153.5 | 152.6 | 153.2 |
Understanding germany real estate activities turnover index
Financial receipts generated exclusively by the buying, selling, renting, and operating of self-owned or leased property establish the nominal scope of this Section L index. As a measure of raw revenue before adjusting for price changes, it isolates property-related services from the broader tertiary basket that includes hospitality, transport, and professional consulting. The metric encompasses real estate agents, brokers, and appraisers, alongside fee-based property management. It explicitly excludes construction activities and the development of building projects, which are classified under industry rather than services. Unlike the constant-price output variant, this turnover indicator incorporates fluctuating rental yields and property commissions directly into its movements.
Analyzing this metric requires distinguishing between nominal revenue growth and actual transaction volume, as rising property values and rental rates can inflate turnover even if the number of contracts remains static. Month-on-month comparisons are heavily influenced by the uneven timing of large commercial property transactions and seasonal leasing cycles, making year-on-year evaluations more reliable for identifying underlying shifts in the real estate service sector. Early monthly estimates undergo routine revisions as late corporate declarations are processed. Analysts should also note that rebasing to the 2015 reference year occasionally introduces statistical breaks, while structural reclassifications of property management firms can disrupt long-term continuity when comparing current readings against historical series.
Frequently asked questions
- Does this index include the construction of new residential and commercial buildings?
- No, construction and building development are classified under industrial production. This indicator is restricted to services such as property management, brokering, and leasing.
- How do rising property prices and rents affect this service indicator?
- Because this is a nominal turnover measure rather than a volume index, higher rental yields and property values mechanically push the index upwards even if the actual number of brokered transactions is unchanged.
- Why might the real estate activities series diverge from the broader selected services turnover index?
- Real estate revenue is highly sensitive to mortgage rates and commercial property cycles, which can move independently from the consumer spending patterns that drive accommodation or the corporate budgeting that dictates professional services.