Germany real estate turnover index, constant prices
Germany real estate turnover index, constant prices stood at 100.7 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 Mar 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Turnover: Selected services, total | 123.1 | 120.1 | 118.6 | 113.8 | 122.3 | 104.1 | 105.1 | 137.5 | 118.7 | 120.7 | |
| Turnover: Real estate activities | 100.7 | 92.1 | 89.6 | 92 | 90.4 | 83.3 | 85.9 | 99.6 | 89 | 90 | |
| Turnover: Professional, scientific and technical activities | 128.7 | 125.5 | 116.2 | 113.5 | 116.4 | 104.2 | 101.3 | 158.1 | 134.1 | 128 |
Understanding germany real estate turnover index, constant prices
Constant-price invoicing within the property sector forms the basis of this measure. It strips away the effects of commercial and residential rent increases and property price fluctuations to capture the underlying volume of transactions, property management, and appraisal work. Unlike construction output or housing investment, this specifically isolates the service component provided by agents and managers rather than the physical creation of assets. It serves as a gauge for the operational intensity of the property market rather than its capital value.
When analyzing this index, the constant prices adjustment is critical because nominal property values can swing violently without reflecting actual service throughput. Monthly readings often display lumpiness corresponding to large commercial transaction closures or periodic fee invoicing, making longer moving averages superior to single-month evaluations. Year-on-year comparisons generally provide a clearer picture of structural demand for property services than period-on-period rates, which are susceptible to the timing of distinct large-scale deals. Be cautious about directly equating this with overall property market health, as management fees often remain stable even during transaction downturns.
Frequently asked questions
- Does this series include the value of the properties sold?
- No, it measures the fees and commissions earned by agencies and managers, not the underlying asset values.
- Are construction activities counted here?
- Building and development fall under construction, leaving only the operational and transactional services for this indicator.
- Why use a constant price measure for real estate services?
- Adjusting for price changes removes the distortion caused by inflation in rents and commissions, isolating the actual volume of service activity.