Property prices in Germany

It depends mostly on where you buy. Our estimate for a standard apartment puts the 8 biggest cities between about 3.500 € per m² in Leipzig and 9.060 € per m² in Munich, with Berlin at 5.320 €. Outside the big cities, and especially in rural eastern Germany, prices are often well below 2.000 € per m².

For a typical 70 m² apartment, that means very different budgets:

• Munich: about 634.000 €
• Berlin: about 372.000 €
• Leipzig: about 245.000 €

On top of the price, you’ll pay buying costs of roughly 5–12%, depending on the state and whether a broker is involved. Houses are usually cheaper per m² than apartments in the same city, because they’re larger and more often outside the centre, but the total price is higher.

For a ranking of Germany’s cities based on official sale data, read Property prices in Germany 2026, and use the search above to see prices down to the postal code.

Not at the moment. Prices fell by roughly 13% between early 2022 and mid-2024, the sharpest correction in decades, after mortgage rates rose from around 1% to over 4%. Since then, the market has stabilised and prices are slowly rising again.

The main indices agree on the direction, though not on the exact number:

• Federal Statistical Office (Destatis): +0,6% year on year in the second quarter of 2026
• vdp index of the Pfandbrief banks: +1,9% year on year, with apartments at +2,6%
• After inflation, prices are roughly flat or slightly down

In our estimate, 4 of the 8 biggest cities rose over the last 12 months, led by Frankfurt am Main (+2,3%) and Hamburg (+2,2%). Prices fell in Munich (−0,5%), Stuttgart (−3,5%), Leipzig (−4,0%) and Berlin (−4,1%).

For the bigger picture, see Property prices in Germany 2026 and Are German houses overpriced?.

Nobody can predict prices with certainty, and past price movements don’t predict future prices. What we can do is look at the forces behind them.

Supporting prices:

• Too few new homes: construction permits dropped sharply after 2022, and the shortage is biggest in the cities
• Rising rents, which make buying relatively more attractive
• Rising incomes and stable employment

Holding prices back:

• Mortgage rates: the 10-year rate rose from 3,89% to 4,46% in the last six months
• Weak demand in rural areas and an ageing population, which will bring more homes onto the market

Our market outlook for 2026–2027 expects prices to grow by around 3% a year in its base case. If you’re wondering whether to buy now or wait, our buy now or keep saving calculator compares both paths with your own numbers, and Should I still buy a home in Germany? walks you through the decision.

Of the 8 biggest cities, Munich is the most expensive at about 9.060 € per m² for a standard apartment, followed by Frankfurt am Main (about 6.390 €) and Hamburg (about 6.390 €). Leipzig is the most affordable at about 3.500 € per m².

Our ranking of the 8 biggest cities, apartments, September 2026:

1. Munich: 9.060 € per m²
2. Frankfurt am Main: 6.390 € per m²
3. Hamburg: 6.390 € per m²
4. Düsseldorf: 5.920 € per m²
5. Berlin: 5.320 € per m²
6. Cologne: 5.230 € per m²
7. Stuttgart: 4.990 € per m²
8. Leipzig: 3.500 € per m²

Prices also vary a lot within each city: in Berlin, for example, central districts cost about twice as much per m² as the outer ones. Pick a city in the search above to see prices by district and postal code, or read Property prices in Germany 2026 for more cities.

Four things matter most:

1. Mortgage rates. They decide how much buyers can borrow. When the 10-year rate rose from about 1% to over 4% in 2022, the same monthly payment suddenly bought around a third less, and prices fell.
2. Supply of new homes. Germany builds far fewer homes than it needs, especially in cities. Fewer new builds mean more competition for existing ones.
3. Rents. When renting gets more expensive, buying becomes relatively more attractive, which supports prices.
4. Local incomes and jobs. Cities with strong job markets, such as Munich, Frankfurt and Hamburg, have the highest prices.

For an individual home, location, size, condition and energy standard matter most. A renovated, energy-efficient apartment can cost considerably more than a similar one that needs work.

In Are German houses overpriced? we look at whether prices are high compared with rents and incomes, and in the silver tsunami at what it could mean when more homes come onto the market as baby boomers age.

Listing portals show asking prices, which sellers set themselves. The final sale price is usually several percent lower, and in a slow market the gap can grow to 10% or more.

There are three kinds of price data in Germany:

• Asking prices from listing portals: up to date, but higher than real prices
• Sale prices from notarised contracts, collected by each city’s expert committee (Gutachterausschuss): the most accurate, but published months later
• Estimates such as ours, which value the same reference homes every month: consistent and comparable between places, but not the price of one specific home

Before you make an offer, compare the asking price with the estimate for that postal code and with recent sales. Our tips to negotiate the purchase price show you how to use those numbers when you talk to the seller.

On top of the purchase price, you pay three kinds of costs:

1. Property transfer tax (Grunderwerbsteuer): 3,5% to 6,5% of the price, depending on the state
2. Notary and land registry: about 1,5–2% of the price
3. Broker commission (Maklerprovision): up to 3,57% for the buyer if a broker is involved, usually none for new builds bought from a developer

In total, that’s roughly 5% to 12% of the price. Example for a 400.000 € apartment in Berlin: 24.000 € transfer tax, 8.000 € notary and land registry and 14.280 € commission, so 46.280 € in total.

Banks usually expect you to pay these costs from your own savings, so they set the minimum equity you need. Work out the exact amount for your state and price with our purchasing cost calculator, and read more in Kaufnebenkosten explained.

Each state sets its own rate. Rates as of October 2026:

• 3,5%: Bavaria
• 5,0%: Baden-Württemberg, Lower Saxony, Rhineland-Palatinate, Saxony-Anhalt, Thuringia
• 5,5%: Bremen, Hamburg, Saxony
• 6,0%: Berlin, Hesse, Mecklenburg-Western Pomerania
• 6,5%: Brandenburg, North Rhine-Westphalia, Saarland, Schleswig-Holstein

On a 400.000 € purchase, the difference is big: 14.000 € in Bavaria versus 26.000 € in North Rhine-Westphalia.

The tax office sends the bill about 1–2 months after you sign at the notary, and you’re only entered in the land register once it’s paid. There’s one way to lower the tax: furniture and fitted kitchens sold with the property aren’t taxed, so list them separately in the contract.

More in our guide to property transfer tax, or calculate it with the purchasing cost calculator.

Since 23 December 2020, the commission is split when you buy an apartment or a house to live in: if the seller hired the broker, you pay at most half, and only after the seller has paid their share. If the broker was hired by the seller alone, you pay nothing.

Typical commission for the buyer:

• Berlin, Brandenburg and most states: up to 3,57% including VAT
• Hamburg: about 3,12%
• Hesse, Bremen, Mecklenburg-Western Pomerania: about 2,98%
• New builds bought directly from a developer: usually no commission

The rules don’t cover land or commercial property, and the broker agreement has to be in writing. Commission is negotiable, especially on more expensive properties.

See how the rules work in the commission law explained.

Notary and land registry together cost about 1,5–2% of the purchase price; banks usually budget 2% to be safe. The fees are set by law (GNotKG), so every notary charges the same for the same work.

What you pay for:

• Drafting and reading out the purchase contract
• Registering the priority notice (Auflassungsvormerkung) that protects you until the sale completes
• Registering the land charge (Grundschuld) for your bank
• Entering you as the new owner in the land register (Grundbuch), about 0,3–0,5% of the price

You get the contract draft at least 14 days before signing, so you have time to check it and ask questions. Calculate the fee for your price with our notary fees calculator, and see the notary process step by step and what is in the purchase contract.

At a minimum, enough to cover the buying costs, because banks rarely finance them. That’s 5–12% of the price, depending on the state and whether a broker is involved.

Bringing more lowers your rate, because banks price loans in steps by loan to value (the loan as a share of the price):

• Over 100%: possible for strong incomes, but the most expensive
• Up to 100%: you pay the buying costs and the bank finances the full price
• Up to 90% and 80%: noticeably better rates
• Below 60%: the best rates, but the extra saving gets smaller

For many buyers, 5–10% of the price on top of the buying costs is a good balance between a good rate and keeping some savings in reserve. Banks also accept building savings, securities and family support as equity.

Find your number with the equity calculator. If you have little or no savings, read mortgage without equity, and see how parents can help.

Banks usually want your monthly mortgage payment to stay below 35–40% of your household’s net income, after other loan payments. They also check that you have enough left to live on and that the loan will be repaid before you retire.

As a rule of thumb at today’s rates, you can borrow about:

• 90 times your monthly net income if you finance 100% of the price
• 100 times at 90% loan to value
• 115 times at 80% loan to value

Example: with 5.000 € net household income and 10% equity on top of buying costs, you can borrow about 500.000 €, so you could buy a home of around 550.000 €.

Get your personal budget in two minutes with the affordability calculator, and see how to increase what you can afford.

On 13 October 2026, the average 10-year fixed rate across the 750+ lenders we compare was 4,46%, up from 3,89% six months earlier. Rates by fixed period:

• 5 years: 4,40%
• 10 years: 4,46%
• 15 years: 4,63%
• 20 years: 4,71%

Your own rate depends on your loan to value, income, the property and the fixed period. With 80% loan to value or less, you usually get noticeably better offers than at 100%.

German mortgage rates follow 10-year federal bond yields (3,43% on the same day), so they rise and fall with the bond market. After 10 years, you can always repay a fixed-rate loan without a penalty, with six months’ notice.

See today’s rates by fixed period and state on our mortgage rates page, work out your monthly payment with the mortgage calculator, and read how to get the best rate.

It depends on three things: how prices compare with rents where you want to live, how long you plan to stay, and what you’d do with your savings instead.

A useful number is the price-to-rent ratio: the purchase price divided by a year’s rent for the same home. Below about 20, buying usually pays off quickly; above about 30, renting and investing the difference is often cheaper.

Because you have to earn back the buying costs first, buying rarely pays off in under 3–5 years. In our Berlin example (340.000 € apartment, ratio about 23,6), buying beats renting after 3,4 years without a broker and 4,7 years with one.

Run your own numbers with the rent or buy calculator, read Rent or buy in 2026: does buying still make sense?, and compare property with investing in ETFs or property.

Yes. The most important ones are low-interest loans from the state bank KfW. You apply for them through your mortgage provider before you sign:

• KfW 124: up to 100.000 € for buying or building a home you live in
• KfW 300: 170.000–270.000 € for families with children buying an energy-efficient new build, with household income up to 90.000 € plus 10.000 € per additional child
• KfW 297/298: up to 100.000 €, or 150.000 € with the QNG sustainability label, for very energy-efficient new builds (KfW 40)
• KfW 261: up to 150.000 € for energy-efficient renovation

Some states and cities add their own programmes, for example for families. You can combine subsidised loans with a normal mortgage, and they often lower your overall rate.

See current conditions in our KfW guide, the KfW 40 QNG guide and the KfW 300 guide.

Yes. Germany has no restrictions on who can own property: you don’t need German citizenship or residence to buy.

Getting a mortgage depends on your situation:

• EU citizens and permanent residents usually get the same conditions as Germans
• Blue Card holders can get good offers too, often with a permanent job and at least a few months in Germany
• Other residence permits work with more lenders than many people expect, sometimes with more equity
• Buyers living abroad usually need 20–40% equity and find fewer lenders

The purchase contract is signed at a German notary, in German. If you’re not fluent, you’ll need to bring a sworn interpreter.

Read mortgages for Blue Card holders and the documents you need for a mortgage.

From search to keys, a purchase usually takes 2–4 months:

1. Check your budget and get a financing certificate, so sellers take your offer seriously
2. Find and check the property: visit it, read the land register, the owners’ meeting minutes and the energy certificate
3. Agree on the price with the seller, sometimes with a reservation fee of 0,5–1%
4. Get the mortgage approved, usually within 3–10 working days
5. Review the contract draft from the notary for at least 14 days
6. Sign at the notary
7. Pay the transfer tax and, after the bank has paid the seller (about 6–8 weeks), get the keys
8. Be entered in the land register, 2–5 months after signing

Follow all 14 steps to buying a property, check 6 things to know before you buy, and see why a financing certificate puts you one step ahead.

Every month, we value a standard set of reference apartments and houses in every postal code in Germany and take the median. The reference homes have fixed sizes (apartments of 40, 60 and 100 m² and houses of 120, 180 and 240 m²) and are valued for different construction years.

Because we value the same homes each month, the estimate shows how prices change in a place, rather than which homes happened to be for sale. It’s an estimate, not a notarised sale price: use it to compare places and track trends, and check recent sales and the property itself before you make an offer.

Past price movements don’t predict future prices.

We help you from the first idea to the keys. It’s free for you, because lenders pay us:

• Budget: we check what you can afford and how much equity you need
• Mortgage: we compare 750+ lenders and find the best offer for your situation
• Subsidies: we include KfW and local programmes where you qualify
• Paperwork: we prepare your application and stay with you all the way to the notary

In Berlin, Hypofriend Plus also gives you a buyer’s agent who checks the property and negotiates for you. Book a free call with one of our advisors.