Germany’s seven most important premium real estate markets have started 2026 with a significantly larger supply. The number of properties advertised on ImmoScout24 increased in the first quarter for both exclusive condominiums and premium houses. This is one of the results of a recent analysis by premium real estate agent DAHLER, which examined the development of supply and demand data from Germany’s largest real estate platform ImmoScout24 in Germany’s top 7 cities*. The premium segment of the housing market and the market for condominiums was considered, which each includes the most expensive 10% of the offers advertised on ImmoScout24.
Premium apartments: More supply in all top 7 cities, prices go down
In the premium segment of the condominium market, the number of listings advertised on ImmoScout24 in the seven cities considered increased by 17% in the first quarter of 2026 compared to the same quarter of the previous year.
Berlin recorded the strongest growth with an increase of 19.8% compared to Q1 2025. Munich (+18.4%) and Hamburg (+18.3%) also recorded significant increases in supply. The lowest growth was recorded in Frankfurt am Main, where capacity was 4.9% higher than in the previous year.
Prices for premium apartments are trending downwards: the median asking price per square metre in the first quarter of 2026 was €9,874/m², 3% below the level of the same quarter a year earlier. The highest median asking prices continued to be registered in Munich, where the value was €14,329/m². This is followed by Hamburg with €12,504/m² and Frankfurt am Main with €10,514/m².
While Munich recorded the sharpest decline in median prices despite the highest price level (-8.9% compared to Q1-2025), Stuttgart showed the most dynamic upward price development: There, the median asking price in the premium apartment segment rose by 10% to €7,950/m².
There are also regional differences on the demand side. In Düsseldorf, the highest percentage increase in enquiries from interested parties was registered, which are used as an indicator of demand in the analysis. There were 42% more inquiries than in the same quarter of the previous year. A different development took place in Stuttgart, where a total of 3% fewer enquiries from interested parties were registered in the first quarter of 2026 than in the same quarter of the previous year.
Premium houses: Expansion of supply with stable to slightly rising prices
In the premium segment of the housing markets, the supply has also increased: In the top 7 metropolises, the number of premium houses advertised on ImmoScout24 increased by 11.7% in the first quarter of 2026 compared to Q1-2025.
The strongest increase in supply was registered in Frankfurt am Main. There, the number of advertised premium houses increased by 31.3% in the first quarter of 2026 compared with the same quarter a year earlier.
In contrast to premium apartments, asking prices for premium houses developed slightly positively. The median prices per square metre in the first quarter of 2026 were €10,676/m², 0.9% above the level of the same quarter a year earlier. The strongest price increase among the top 7 cities was recorded in Berlin, where the median price for premium houses was 9,732 euros per square metre, an increase of 11.8% compared to Q1-2025.
The development of demand shows a mixed picture: While in Düsseldorf (+14%, Q1-2026 to Q1-2025) and Frankfurt am Main (+12%, Q1-2026 to Q1-2025) the enquiries from interested parties for premium properties increased, they fell in other cities. The decline was most pronounced in Berlin, where the number of enquiries fell by 22% (Q1-2026 to Q1-2025).
Market assessment: The premium market continues to differentiate
“The data make it clear that the German premium real estate market started 2026 with significantly more supply,” says Björn Dahler, Managing Director at DAHLER. In the case of premium apartments in particular, we see that the greater choice is accompanied by declining price dynamics. The development of demand shows a differentiated picture: While markets such as Düsseldorf, Frankfurt and Hamburg are recording increased buying interest in the residential segment, prospective buyers in Munich and Stuttgart are acting more cautiously, which makes it clear that blanket statements about demand in the premium segment are hardly valid anymore. Buyers continue to act selectively, examine offers more carefully and make decisions more strongly with regard to financing, location quality and long-term intrinsic value.”
Dahler adds: “At the same time, there is no general weakness in the premium segment. For houses, the median price trend is slightly positive, and individual locations continue to record significant price impulses. Demand does not follow a uniform pattern, some markets are rising, others are more cautious. Overall, we are in a market phase in which buyers and sellers continue to converge. High-quality properties in very good locations remain in demand – but at price levels that are more validated on the market than in previous years.”
“Buyers will decide even more selectively”
According to Björn Dahler, founder and managing director of premium real estate broker DAHLER, the key interest rate hike by the European Central Bank will lead to buyers in the German premium real estate market making even more selective decisions. “Buyers will take an even closer look: at location, property quality, energetic condition, price and long-term intrinsic value,” says Dahler. “The fact is that those who buy today do so more consciously than in the years of low interest rates. At the same time, the premium segment remains comparatively resilient because many buyers have high equity ratios and do not have to base their purchase decision solely on the financing burden. The current interest rate decision is therefore unlikely to take demand out of the market across the board, but rather to increase the spread: very good properties in very good locations remain in demand, while location, quality and price must match even more precisely for less outstanding properties.”
