Different regional developments.
Aengevelt calculates little nationwide relief for the housing market.
According to calculations by DIP partner Aengevelt Immobilien, the nationwide housing market was relieved by 281,000 units or 0.6% of the housing stock in 2025. On the one hand, this was due to the fact that the statistically recorded housing stock grew by 196,000 residential units, and on the other hand, that the number of private households fell by 85,000. The real estate house analyzes that the nationwide figures conceal very different regional developments.
The Federal Statistical Office reports that the number of main residence households nationwide decreased from around 41,211,000 to around 41,126,000 in 2025. This corresponds to the fact that the number of inhabitants fell by 110,000 people to 83,467,117 in the course of demographic change. This was partly due to the fact that net immigration fell to 235,000 people and was thus no longer able to compensate for the death surplus. Since the number of private households is a relevant indicator for the demand for housing (although not all households have a need for housing, but other households have two or more residences), it follows that the demand for housing decreased by 0.2% in 2025.
At the same time, the statistically recorded housing stock grew by 196,000 residential units or 0.4% to around 44,000,000 residential units nationwide. The increase in supply and the decline in demand add up to a total relief of 281,000 units or 0.6% of the portfolio. However, Aengevelt points out that, according to available experience, the statistically recorded housing stock does not take into account some of the actual housing departures, because not all closures, mergers (which are carried out more frequently than divisions) and changes of use are reported to the authorities in a timely manner.
In addition, according to Aengevelt’s findings, the gap between shrinking, structurally weaker regions with vacant housing and growing structurally stronger regions with a housing shortage is widening. The fact that, according to surveys by empirica, the average rent has risen by 3.4% to EUR 14.08/m² in new buildings and by as much as 3.9% to EUR 10.77/m² in existing buildings in the last twelve months confirms that the supply of housing is still scarce in numerous housing market regions. This applies in particular to A-cities, where the rent level for new buildings now reaches EUR 19.94/m² and EUR 15.26/m² for existing buildings (as of Q2 2026). As before, the most expensive city in Germany in this respect is Munich with an average new build rent of EUR 25.20/m² and a median existing rent of EUR 21.12/m². Close behind are Upper Bavarian municipalities, Frankfurt/Main and Hamburg.
Dr. Wulff Aengevelt, Managing Partner of Aengevelt Immobilien: “Regardless of the mini-relief of the nationwide housing market, the continuing rise in rents shows that the structurally strong cities continue to suffer from a massive housing shortage. In addition, the moderate decline in housing demand is the result of unusually low immigration. As soon as migration activity returns to the level of previous years, housing construction will not be able to keep pace. We therefore still need substantially improved investment conditions so that new residential construction finally gains significant momentum and thus the rent-driving housing deficit in the hotspots that has accumulated over the years can be gradually reduced.”
