Multi-family commercial property index, 7 German cities
Multi-family commercial property index, 7 German cities stood at 220 in Q2 2026, according to Deutsche Bundesbank. It is one of the indicators in the Property market (quarterly) table (Value · Quarterly), with a complete series running from Q1 2013 to Q2 2026. The complete series with an interactive chart, free to download.
This indicator in the Property market (quarterly) table
| Indicator | Q2-2026 | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Price Indicators | |||||||||||
| Commercial property price index, multi-family dwellings, 7 large cities | 220 | 220.2 | 218.9 | 217.8 | 215.4 | 215.4 | 211.4 | 207.2 | 205.4 | 204.7 | |
| Annuity-to-income ratio, normed | 115.1 | 114.1 | 113.7 | 114.3 | 113.8 | 111.2 | 111 | 114.2 | 114.6 | 114.7 |
Understanding multi-family commercial property index, 7 German cities
Narrowing its geographic focus to the most economically significant urban centers, this specialized metric follows the capital values of apartment buildings and residential complexes located exclusively within the seven largest metropolitan markets. It captures the investment appetite for multi-family dwellings held as commercial assets in these highly liquid, densely populated areas. By completely excluding rural districts, secondary towns, and smaller regional hubs, the indicator serves as a barometer for premium institutional real estate pricing where domestic and international capital typically compete most fiercely.
Valuations in these prime urban markets often operate independently of the broader national trend, reacting faster to global capital flows and distinct municipal regulations. Comparing this highly localized index against the national multi-family average highlights the pricing premium or discount of top-tier cities relative to the rest of the country. Given the unadjusted format and the often irregular timing of massive block trades in urban centers, year-on-year evaluations offer the most reliable interpretation of underlying market health. Occasional methodological updates may shift the base reference year.
Frequently asked questions
- Which specific locations make up the seven cities?
- The classification refers to the top-tier domestic metropolitan markets traditionally categorized as primary commercial hubs by real estate professionals.
- Are office buildings in these cities included?
- No, the series remains strictly focused on multi-family dwellings designed primarily for residential use.
- Why might this index be more volatile than the national one?
- A smaller geographic sample size combined with high-value institutional block trades can cause sharper periodic fluctuations.