Market report · Updated September 2026
Hamburg property market 2026.
The figures of Hamburg's official valuation committee (Gutachterausschuss), explained for owners who want to sell or buy. Not marketing copy, but what we read ourselves before we name a price.
Reporting year 2025 · published April 2026The key figures for 2025
Source: Gutachterausschuss für Grundstückswerte in Hamburg, Immobilienmarktbericht Hamburg 2026 (reporting year 2025). Percentages rounded.
Districts in detail
What a square metre costs.
Ranges of asking prices in the districts where we sell, sorted by the midpoint of the range. Move over a district.
- HarvestehudeEimsbüttel8,500–14,000 €/m²
- RotherbaumEimsbüttel7,500–12,000 €/m²
- BlankeneseAltona7,000–12,000 €/m²
- EppendorfHamburg-Nord7,000–10,500 €/m²
- WinterhudeHamburg-Nord6,500–10,000 €/m²
- OttensenAltona6,000–9,500 €/m²
- EimsbüttelEimsbüttel5,500–8,500 €/m²
| District | from | to | Midpoint |
|---|---|---|---|
| Harvestehude | 8,500 | 14,000 | 11,250 |
| Rotherbaum | 7,500 | 12,000 | 9,750 |
| Blankenese | 7,000 | 12,000 | 9,500 |
| Eppendorf | 7,000 | 10,500 | 8,750 |
| Winterhude | 6,500 | 10,000 | 8,250 |
| Ottensen | 6,000 | 9,500 | 7,750 |
| Eimsbüttel | 5,500 | 8,500 | 7,000 |
District ranges: asking prices per square metre of living space, assessment by B&H Immobilien, as of September 2026. Hamburg average and new-build figure: Gutachterausschuss, reporting year 2025. What your apartment is worth, we tell you after a viewing.
By market segment
In 2025 the market started moving again.
Sales in Hamburg in 2025. Apartment buildings recovered most strongly: up 27 percent, the multiplier rose to 22.1 times the annual net rent.
Sales in 2025 and change compared with 2024. Source: Gutachterausschuss für Grundstückswerte in Hamburg, Immobilienmarktbericht 2026.
What the figures say
Prices have stabilised, no more than that.
Apartments
Five percent up, location-adjusted. Good apartments sell within weeks again if the price is right. A poor energy class or postponed renovation by the owners' association still costs a discount.
Houses
Median 565,000 euros, one percent more. The mean fell because fewer villas in Blankenese, Othmarschen or on the Alster were notarised, not because they became cheaper.
Building land
Standard land values down four to five percent. For older houses on large plots, selling as a plot is no longer automatically the better route.
The full report
What the figures say
2025 was the year the Hamburg market started moving again. After two years of falling sales, a good 10,000 purchase contracts were notarised, eleven percent more than in 2024. Turnover rose to around nine billion euros. That is not yet the level of 2021, but the decline is over.
Prices have stabilised, no more than that. Apartments cost one percent more on average than the year before, five percent location-adjusted. The difference comes from more cheaper apartments in simpler locations being sold in 2025, which pulls the plain average down. Anyone who sold a comparable apartment in a comparable location achieved more in 2025 than in 2024.
Apartments
With 5,860 sales, apartments are the largest segment. The average price across all locations and building years is around 5,800 euros per square metre, new builds in mid locations around 8,400 euros. In the districts where we sell, prices are well above the average: in Eppendorf, Harvestehude and Winterhude, modernised period apartments are offered at 7,000 to more than 10,000 euros per square metre.
For sellers this means: the market absorbs good apartments within weeks again if the price is right. Apartments with a poor energy class or postponed renovation by the owners' association still only sell at a discount. Buyers price in the renovation, and they price it cautiously.
Single and two-family houses
2,690 houses were sold, five percent more than the year before. The median was 565,000 euros, one percent above 2024. That the mean fell by six percent at the same time is due to fewer sales in the top segment: villas in Blankenese, Othmarschen or on the Alster were notarised less often in 2025, not more cheaply.
Houses in Hamburg's west and north built before 1980 and without energy renovation are the segment with the largest room for negotiation. Here it pays to calculate land value and building value separately before the sale.
Apartment buildings
The segment with the strongest recovery: 510 sales, 27 percent more than in 2024, turnover up 66 percent. The price per square metre rose to around 3,300 euros, the multiplier to 22.1 times the annual net rent, after 21 the year before. Investors are buying again because interest rates have settled and rents in Hamburg continue to rise.
For owners of apartment buildings in Eimsbüttel, Ottensen or Winterhude the window is favourable. It matters that leases, service charge statements and the status regarding the preservation ordinance are prepared before the first conversation.
Building land
Standard land values fell slightly in 2025: five percent for plots for single and two-family houses, four percent for multi-storey housing. Higher construction costs and interest rates limit what developers can pay for land. For owners of older houses on large plots this means: selling as a plot is no longer automatically the better route.
All segments with price level and change on the previous year
| Segment | Sales 2025 | Sales | Price level | Price |
|---|---|---|---|---|
| Apartments, total | 5,860 | +13 % | avg. approx. 5,800 €/m² | +1 % (location-adjusted +5 %) |
| New-build apartments, mid location | – | approx. 8,400 €/m² | stable | |
| Single and two-family houses | 2,690 | +5 % | median 565,000 € | +1 % (mean −6 %) |
| Apartment buildings | 510 | +27 % | approx. 3,300 €/m², multiplier 22.1 | +14 % (location-adjusted +8 %) |
| Building land, houses | – | standard land values | −5 % | |
| Building land, multi-storey | – | standard land values | −4 % |
Source: Gutachterausschuss für Grundstückswerte in Hamburg, Immobilienmarktbericht Hamburg 2026 (reporting year 2025), published 29 April 2026, and the press release of the Hamburg Ministry for Urban Development and Housing. Percentages rounded. Interpretation: B&H Immobilien.
Next update: January 2027 with the figures for 2026, as soon as the committee publishes them.
FAQ
Frequently asked questions about the market
Will property prices in Hamburg rise again in 2026?
The 2025 figures show stabilisation with a slight plus, five percent location-adjusted for apartments. For 2026 we expect prices in good locations to continue rising slightly, because supply remains scarce and hardly any new construction is coming. In outer areas and for properties needing renovation, prices remain under pressure.
Is now a good time to sell?
For well-maintained apartments and houses in sought-after locations, yes: demand is back, interest rates have settled and supply is small. For properties needing renovation it depends on whether you accept the discount or want to renovate first. We calculate both for you.
Where do these figures come from?
From Hamburg's official valuation committee (Gutachterausschuss für Grundstückswerte), which evaluates every notarised purchase contract in Hamburg. The market report is published every spring and is the only source based on actual purchase prices, not on portal asking prices.
What does a square metre cost in my district?
The Hamburg average says little about Eppendorf or Blankenese. On our district pages you find ranges of asking prices for the districts where we sell. What your apartment is worth, we tell you after a viewing.
Valuation
And what is your property worth?
Personal, free of charge and without obligation. We get back to you within two hours, daily from 9 am to 10 pm.