In the first quarter of 2026, the supply of high-quality condominiums and houses in Hamburg grew, while prices remained relatively stable. This is one of the results of a recent analysis by premium real estate broker DAHLER, which evaluated the market development of residential real estate using data from Germany’s largest real estate platform ImmoScout24. The analysis looked at the premium segment of the condominium and house market, which includes the most expensive 10% of listings advertised on the platform. The threshold for this upper segment was €10,665/m² for condominiums and €9,038/m² for houses. In both categories, this corresponds to the second-highest threshold value of all the top 7 cities examined, behind Munich (€12,546/m² for apartments, €11,686/m² for houses).
Hamburg’s premium apartments: Significant increase in supply with stable prices and robust demand
The premium segment of Hamburg’s housing market was characterised by a much more active supply side in the first quarter of 2026. The number of premium apartments advertised on ImmoScout24 increased by 18.3% compared to the same quarter of the previous year. At the same time, the price level remained stable: the median asking price was €12,504/m², which is at the level of Q1-2025.
The market was also lively in terms of demand. The number of prospective enquiries for purchase information recorded by ImmoScout24 increased by 18% compared to the same quarter of the previous year. Thus, a growing supply met an equally increasing demand – an indication that high-quality condominiums in Hamburg continue to meet with stable buyer interest.
The Alster Ost submarket developed particularly dynamically. There, the number of advertised premium apartments increased by 52.8%, while the asking price amounted to €12,554/m². The development underlines the continuing relevance of established premium locations, where sellers are once again entering the market with their properties.
Compared to the other top 7 cities, the offer in Hamburg has increased particularly significantly. Only in Berlin (+19.8% Q1-2026 compared to Q1-2025) and Munich (+18.4% Q1-2026 compared to Q1-2025) did the supply increase more strongly in the period under review.
Premium segment of the housing market: supply increases, prices remain stable – Elbe locations particularly active
In Hamburg’s premium house market, market activity on the supply side also increased. The number of premium houses advertised on ImmoScout24 was 18% higher than in the same quarter of the previous year. In contrast to the residential segment, however, the price trend declined slightly: the median asking prices amounted to €10,913/m², which was 1.7% below the level of Q1-2025.
Demand was more subdued. The indicator used for this purpose, the number of interested party enquiries registered by ImmoScout24 for exposés with purchase information, fell by 10% compared to the same quarter of the previous year. The combination of greater supply, declining demand and moderate price adjustment indicates that buyers in the premium housing market are acting more selectively and are placing greater emphasis on property quality, location and price positioning.
A high level of activity continued to be evident in the Elbe suburbs. There, the number of offers increased by 26.7% compared with the same quarter a year earlier. With a median asking price of €11,040/m², the submarket was above the level of the entire Hamburg premium house market and thus remains one of the key focuses in the high-priced house segment.
A look at the premium house markets of the other top 7 cities makes it clear that there is currently more supply in other cities as well. In Frankfurt am Main (+31.3% Q1-2026 compared to Q1-2025) and Düsseldorf (+22.2% Q1-2026 compared to Q1-2025), capacity grew even more significantly than in Hamburg.
DAHLER’s assessment: Hamburg’s premium market between differentiation and interest rate turnaround
“Hamburg’s premium real estate market is still in a phase of readjustment. While high-quality condominiums benefit from stable prices and robust demand, the housing market is more differentiated: buyers check more closely, compare more intensively and react more sensitively to price positions. In addition, geopolitical tensions and the associated economic uncertainty can continue to delay buying decisions. For sellers, this makes realistic market positioning more crucial. Hamburg remains a strong premium location, but the differences between segments, locations and property qualities are becoming more apparent again,” says Björn Dahler, founder and managing director of DAHLER.
From the broker’s point of view, these differences are reinforced by the recent monetary policy turnaround. According to Björn 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.”
