Whether in the big city or in the countryside: property prices are currently significantly lower than they have been in the past two years. Condominiums were sold in the first quarter of 2024 with an average price discount of 4.9 percent compared to the first quarter of 2023. Prices for single-family and two-family homes fell by a national average of 3.9 percent. However, prices are no longer falling as sharply – and could even rise slightly again towards the end of the year. Whether a purchase is worthwhile or even financially possible depends mainly on where you want to live, as regional price differences are enormous.
Why “property prices” are worth researching for you
Nationwide price research
Our real estate price survey includes the average prices paid in 2023 for condominiums and single-family homes in different localities and mobile homes for all 400 independent cities and counties. New contractual rents and regional price-to-rent ratios are also included.
Current numbers for 2024
The figures for the first quarter of 2024 are now available for the seven largest German cities. Once activated, you can access the data for up to 20 independent cities and districts of your choice and interactively compare the price and rent developments in different locations.
Sample calculations
We use examples to show how property prices have evolved in recent years and how high loan installments and management costs are compared to rent.
Buy or rent?
Financial testing experts explain why buying can still be worthwhile despite the high upfront cost, and why it’s important to pay attention to the local price-to-rent ratio.
Journal article in PDF
After activation, you will receive the Finanztest 8/24 and Finanztest 1/24 magazine articles for download.
This is how much houses and apartments cost in your city
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Real estate market in Germany
Our price lists contain detailed real estate prices and rents in all cities and districts of the Federal Republic for houses and apartments with different locations and amenities. The figures come from vdpResearch, the research institute of the German Association of Pfandbrief Banks. The special feature of the prices determined by vdpResearch: they are based on actually concluded purchase contracts and not on advertisements or broker surveys.
Rents are rising sharply
The development of rents was completely different from that of purchase prices: in many cities and districts, new tenants paid more than 5 percent more rent in 2023 than in the previous year. In expensive cities such as Munich, Hamburg or Heidelberg, landlords sometimes charge more than 30 euros per square meter. Experts expect rents to continue rising in the coming years.
Prices per square meter for residential properties
The relationship between purchase prices and rental prices has become more favourable in many places – including in the larger, popular cities. Will this make your own four walls affordable again? Our price overview shows: One square metre of residential property still costs more than 5,000 euros in some cities and districts. Property prices are particularly expensive in Berlin, Hamburg and Munich. Houses and apartments there are only affordable if you have a lot of wealth and a high income.
Tip: Our great show how to proceed wisely when financing real estate and which loan offers are best Real estate financing comparison.
Quick Check: Determine the Maximum Property Price
Evolution of prices in the real estate market
How much a house or apartment costs, how much capital buyers have to raise at least and what monthly expenses they will face – this depends primarily on the location. A price atlas helps to provide guidance, even for sellers who want to determine the value of their property.
Stiftung Warentest provides a detailed overview of the purchase prices and average rents paid in 2023 for all 400 independent cities and districts, depending on location and amenities. Real estate prices and rents for the first quarter of 2024 are available for the seven largest German cities.