The average price of detached and duplex houses in the biggest cities in Germany varied between approximately ***** euros and 10,000 euros per square meter in 2024. Housing was most expensive in Munich, where the square meter price of houses amounted to ***** euros. Conversely, Berlin was most affordable, with the square meter price at ***** euros. How have German house prices evolved? House prices maintained an upward trend for more than a decade, with 2020 and 2021 experiencing exceptionally high growth rates. In 2021, the nominal year-on-year change exceeded 10 percent. Nevertheless, the second half of 2022 saw the market slowing, with the annual percentage change turning negative for the first time in 12 years. Another way to examine the price growth is through the house price index, which uses 2015 as a base. At its peak in 2022, the German house price index measured about *** percent, which means that a house bought in 2015 would have appreciated by ** percent. Is housing affordable in Germany? Housing affordability depends greatly on income: High-income areas often tend to have more expensive housing, which does not necessarily make them unaffordable. The house price to income index measures the development of the cost of housing relative to income. In the first quarter of 2024, the index value stood at ***, meaning that since 2015, house price growth has outpaced income growth by about ** percent. Compared with the average for the euro area, this value was lower.

Housing Index in Germany increased to 220.43 points in October from 219.91 points in September of 2025. This dataset provides the latest reported value for - Germany House Price Index - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The nominal price of residential properties in Germany in the second quarter of 2025 showed an increase of **** percent. This marks a recovery from previous declines, as the annual house price growth had turned negative in the earlier quarters of 2023, where house prices fell by over ** percent. Adjusted for inflation, the increase was noted at **** percent in the second quarter of 2025. This trend could be observed across the major German cities.

Graph and download economic data for Real Residential Property Prices for Germany (QDER628BIS) from Q1 1970 to Q2 2025 about Germany, residential, HPI, housing, real, price index, indexes, and price.

House Price Index YoY in Germany decreased to 2.50 percent in October from 2.60 percent in September of 2025. This dataset includes a chart with historical data for Germany House Price Index YoY.

In 2024, Munich in Bavaria had the most expensive houses among the German cities listed, typically costing around *** million euros. By comparison, Bremen and Magdeburg had significantly lower prices, at ******* and ******* euros respectively.

Key information about House Prices Growth

• Germany house prices grew 3.2% YoY in Jun 2025, following an increase of 3.5% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Mar 2001 to Jun 2025, with an average growth rate of 3.8%.
• House price data reached an all-time high of 12.8% in Sep 2021 and a record low of -10.2% in Sep 2023.

The average bid price of new housing in Europe was the highest in Luxembourg, at 8,760 euros per square meter. Since there is no central body that collects and tracks transaction activity or house prices across the whole continent or the European Union, only bid prices were considered. House prices have been soaring, with Sweden topping the ranking Considering the RHPI of houses in Europe (the price index in real terms, which measures price changes of single-family properties adjusted for the impact of inflation), however, the picture changes. Sweden, Luxembourg and Norway top this ranking, meaning residential property prices have surged the most in these countries. Real values were calculated using the so-called Personal Consumption Expenditure Deflator (PCE), This PCE uses both consumer prices as well as consumer expenditures, like medical and health care expenses paid by employers. It is meant to show how expensive housing is compared to the way of living in a country. Home ownership highest in Eastern Europe The home ownership rate in Europe varied from country to country. In 2020, roughly half of all homes in Germany were owner-occupied whereas home ownership was at nearly ** percent in Romania or around ** percent in Slovakia and Lithuania. These numbers were considerably higher than in France or Italy, where homeowners made up ** percent and ** percent of their respective populations.For more information on the topic of property in Europe, visit the following pages as a starting point for your research: real estate investments in Europe and residential real estate in Europe.

Germany DE: House Price Index: Nominal: sa data was reported at 146.412 2015=100 in 2024. This records a decrease from the previous number of 148.763 2015=100 for 2023. Germany DE: House Price Index: Nominal: sa data is updated yearly, averaging 83.021 2015=100 from Dec 1970 (Median) to 2024, with 55 observations. The data reached an all-time high of 162.566 2015=100 in 2022 and a record low of 32.792 2015=100 in 1970. Germany DE: House Price Index: Nominal: sa data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Germany – Table DE.OECD.AHPI: House Price Index: Seasonally Adjusted: OECD Member: Annual. Whole country; Seasonnally adjusted by OECD, using the X-12 ARIMA method; Residential property prices, sales of newly-built and existing dwellings, all types of dwellings The source is the same as the OECD Residential Property Price Indices (RPPIs) - Headline indicators database. For the past period, the indicator into this dataset is based on 125 main cities, for the annual value. Sales

In Germany, apartments were most expensive in Munich, with the average square meter price as high as ***** euros. In Cologne, on the other hand, the average square meter price was about ***** euros. According to the house price index in Germany, house prices in the country have seen an increase since the beginning of 2024, after declining from a peak in 2022.

Germany House Price Index: Existing Residential Properties data was reported at 129.900 2010=100 in Dec 2016. This records an increase from the previous number of 127.700 2010=100 for Sep 2016. Germany House Price Index: Existing Residential Properties data is updated quarterly, averaging 101.950 2010=100 from Mar 2000 (Median) to Dec 2016, with 68 observations. The data reached an all-time high of 129.900 2010=100 in Dec 2016 and a record low of 97.000 2010=100 in Mar 2007. Germany House Price Index: Existing Residential Properties data remains active status in CEIC and is reported by Statistisches Bundesamt. The data is categorized under Global Database’s Germany – Table DE.EB003: House Price Index: 2010=100. Rebased from 2010=100 to 2015=100 Replacement series ID: 388473217

In Q4 2024, the real estate price index in Germany was ***. This means that prices rose by ** percent compared to the baseline of Q1 2004. This was virtually unchanged from the previous year.

Portugal, Canada, and the United States were the countries with the highest house price to income ratio in 2024. In all three countries, the index exceeded 130 index points, while the average for all OECD countries stood at 116.2 index points. The index measures the development of housing affordability and is calculated by dividing nominal house price by nominal disposable income per head, with 2015 set as a base year when the index amounted to 100. An index value of 120, for example, would mean that house price growth has outpaced income growth by 20 percent since 2015. How have house prices worldwide changed since the COVID-19 pandemic? House prices started to rise gradually after the global financial crisis (2007–2008), but this trend accelerated with the pandemic. The countries with advanced economies, which usually have mature housing markets, experienced stronger growth than countries with emerging economies. Real house price growth (accounting for inflation) peaked in 2022 and has since lost some of the gain. Although, many countries experienced a decline in house prices, the global house price index shows that property prices in 2023 were still substantially higher than before COVID-19. Renting vs. buying In the past, house prices have grown faster than rents. However, the home affordability has been declining notably, with a direct impact on rental prices. As people struggle to buy a property of their own, they often turn to rental accommodation. This has resulted in a growing demand for rental apartments and soaring rental prices.

This paper examines the effects of real estate transfer taxes (RETT) on property prices using a rich micro dataset of roughly 17 million German properties for the period from 2005 to 2019. Our empirical analysis exploits variation in RETT rate hikes across German states and over time. Our monthly event study estimates indicate a price response that strongly exceeds the change in the tax burden for single transactions. Twelve months after a reform, a one percentage point increase in the tax rate reduces property prices by on average 3%. Price effects are larger for apartments (-4%) than for single-family houses (-2%). Exploring potential mechanisms, we provide evidence that different holding periods are the main driver of the differential price effect between property types. Please note that the main data that we use is proprietary to the firm FuB IGES. The online replication package includes our do-files, a codebook of our main data, and the resulting log files, tables and figures. For the purpose of replication, the data, along with all code, can be accessed at the Economics and Business Data Center (EBDC) of the ifo Institute and the University of Munich. The EBDC offers researchers to use its facilities and access the data stored there at no costs. Further information about the EBDC can be found here: https://www.ifo.de/en/EBDC.

Germany Manufactured Homes Market Size was valued at USD 7.30 Billion in 2024 and is Projected to reach USD 53 Billion by 2032, growing at a CAGR of 6.4% from 2026 to 2032.

Affordable Housing Crisis: According to the Federal Statistical Office (Destatis), the average property price in Germany will rise 11.5% by 2023, making traditional dwellings out of reach for many. Meanwhile, prefabricated homes are often priced 20-30% lower than traditional residences, making them a more appealing alternative for first-time purchasers. Aging Population and Retirement Housing Needs: According to Germany's Federal Statistical Office, 22.4% of the population is 65 years or older as of 2024, with the figure predicted to rise to 27% by 2033. This demographic trend is increasing demand for single-story, accessible prefabricated houses that meet the demands of elders.

The financial crisis of 2008 has caused a number of changes in the investment of both companies and individuals. One of the widely invested assets became the real estate market. The decline in real estate prices was noted in 2009 and 2012-2014. The highest decrease in property prices was indicated in Bulgaria, Ireland, Lithuania, Latvia, Slovakia and Estonia. Property prices, despite the crisis, increased however in Belgium and Germany. On average, property prices in the EU declined by 4.4% in 2009, 1.9% in 2012 and 1.2% in 2013.

Germany Commercial Property Market Index: 127 Cities data was reported at 127.680 1990=100 in 2019. This records an increase from the previous number of 123.710 1990=100 for 2018. Germany Commercial Property Market Index: 127 Cities data is updated yearly, averaging 101.500 1990=100 from Dec 1990 (Median) to 2019, with 30 observations. The data reached an all-time high of 127.680 1990=100 in 2019 and a record low of 93.330 1990=100 in 2004. Germany Commercial Property Market Index: 127 Cities data remains active status in CEIC and is reported by Bulwiengesa AG. The data is categorized under Global Database’s Germany – Table DE.EB004: Property Market Index.

Rents in Germany continued to increase in all seven major cities in 2024. The average rent per square meter in Munich was approximately **** euros — the highest in the country. Conversely, Düsseldorf had the most affordable rent, at approximately **** euros per square meter. But how does renting compare to buying? According to the house price to rent ratio, house prices in Germany have risen faster than rents, making renting more affordable than buying. Affordability of housing in Germany In 2023, Germany was among the European countries with a relatively high house price to income ratio in Europe. The indicator compares the affordability of housing across OECD countries and is calculated as the nominal house prices divided by nominal disposable income per head, with 2015 chosen as a base year. Between 2012 and 2022, property prices in the country rose much faster than income, with the house price to income index peaking at *** index points at the beginning of 2022. Slower house price growth in the following years has led to the index declining, as incomes catch up. Nevertheless, homebuyers in 2024 faced significantly higher mortgage interest rates, contributing to a higher final cost. How much does buying a property in Germany cost? Just as with renting, Munich was the most expensive city for newly built apartments. In 2024, the cost per square meter in Munich was almost ***** euros pricier than in the runner-up city, Frankfurt. Detached and semi-detached houses are usually more expensive. The price gap between Munich and the second most expensive city, Stuttgart, was nearly ***** euros per square meter.

Germany: Property rights index (0-100): The latest value from 2025 is 95 points, unchanged from 95 points in 2024. In comparison, the world average is 53 points, based on data from 182 countries. Historically, the average for Germany from 1995 to 2025 is 89 points. The minimum value, 79 points, was reached in 2021 while the maximum of 96 points was recorded in 2022.

The Direct Real Estate Activities industry have come up against numerous headwinds in recent years, ranging from the COVID-19 outbreak in 2020 to the high base rate environment in the years since, which has inflated borrowing costs for potential buyers. This is a sharp contrast to the ultra-low interest environment seen over the decade following the 2008 financial crisis. Still, revenue is forecast to edge upwards at a compound annual rate of 0.6% over the five years through 2025 to €622.9 billion, including an anticipated rise of 0.8% in 2025. Despite weak revenue growth, profitability remains strong, with the average industry profit margin standing at an estimated 18.9% in 2025. Central banks across Europe adopted aggressive monetary policy in the two years through 2023 in an effort to curb spiralling inflation. This ratcheted up borrowing costs and hit the real estate sector. In the residential property market, mortgage rates picked up and hit housing transaction levels. However, the level of mortgage rate hikes has varied across Europe, with the UK experiencing the largest rise, meaning the dent to UK real estate demand was more pronounced. Commercial real estate has also struggled due to inflationary pressures, supply chain disruptions and rising rates. Alongside this, the market’s stock of office space isn’t able to satisfy business demand, with companies placing a greater emphasis on high-quality space and environmental impact. Properties in many areas haven't been suitable due to their lack of green credentials. Nevertheless, things are looking up, as interest rates have been falling across Europe over the two years through 2025, reducing borrowing costs and boosting the number of property transactions, which is aiding revenue growth for estate agents. Revenue is slated to grow at a compound annual rate of 4.5% over the five years through 2030 to €777.6 billion. Economic conditions are set to improve in the short term, which will boost consumer and business confidence, ramping up the number of property transactions in both the residential and commercial real estate markets. However, estate agents may look to adjust their offerings to align with the data centre boom to soak up the demand from this market, while also adhering to sustainability commitments.