Hamburg's premium apartments: Price per square metre falls to six-year low

Prices for Hamburg's premium apartments are going down: In the first half of 2026, the average price per square metre was 12,355 euros, which corresponds to a decline of 2.9 percent compared to the first half of 2025. It is also the lowest value in six years: The last time the average price was lower was in H1-2020, when it was 11,950 euros¹.

In terms of the total number of transactions, Hamburg's premium housing market is almost constant: 196 premium condominiums were sold in the first half of 2026 – a decrease of 2.5 percent compared to the same period last year (H1-2025), when 201 transactions were recorded. To determine the total number, apartments with a stated price per square metre of 10,000 euros or more were taken into account, as well as apartments for which no price per square metre was specified and which cost at least one million euros.

63 of the 185 apartments sold in H1-2026 with a known year of construction were new-build apartments – their share was thus 34.1 percent and thus 10.8 percentage points below the value of H1-2025.

These are the results of a recent analysis by the premium real estate broker DAHLER, which evaluated the transaction activity in the sub-markets of Alster-Ost, Alster-West/Eppendorf, Alstertal/Walddörfer, Eimsbüttel/Altona/St. Pauli, Elbe suburbs, HafenCity, Niendorf-Schnelsen and Rahlstedt. For the analysis of Hamburg's premium segment, purchase cases of condominiums with a reported price per square metre of 10,000 euros or more as well as of apartments for which no price per square metre was specified and which cost at least one million euros were taken into account. In the case of detached and semi-detached houses, purchase cases with a purchase price of one million euros or more were included in the evaluation. The analysis was based on data from the official appraisal committee for property values in Hamburg, which reflect the transactions actually carried out in the Hanseatic city.

In the first half of 2026, total sales of around 268.4 million euros were achieved in the examined sub-markets of Hamburg's premium housing market, which corresponds to a minus of 14.3 percent compared to H1-2025. ⁴ The highest price per square metre was achieved for a condominium in Harvestehude at 24,825 euros. The highest total sum was around 6.9 million euros and was paid for an apartment in Eppendorf.

In the premium segment of the market for detached and semi-detached houses, the number of transactions rose by 1.8 percent to 174 compared to the first half of 2025, when there were still 171.

Total sales in the premium segment of the market for detached and semi-detached houses in H1-2026 were around 331.7 million euros, 1.5 percent higher than in the first half of 2025. The sub-markets* Alster-Ost, Alster-West/Eppendorf, Alstertal/Walddörfer, Eimsbüttel/Altona/St. Pauli, Elbvororte, HafenCity, Niendorf-Schnelsen and Rahlstedt were taken into account to determine the total sales. Compared to the second half of 2025, there was a minus of 17.9 percent. The highest sales price of 7.5 million euros was achieved in Eppendorf.

"The sales figures show that Hamburg's premium real estate market is functioning despite a still challenging environment. More transactions were registered for detached and semi-detached houses in the first half of the year, while the decline in condominiums was moderate. The financing environment remains an important factor. After the ECB's latest interest rate hike, it is unlikely that financing costs will become significantly less important in the short term. This makes it all the more important to have realistic price expectations on the seller's side as well as the location and quality of the property," comments Björn Dahler, founder and managing director of premium real estate broker DAHLER. "The decline in the average price per square metre for premium apartments to 12,355 euros also makes it clear that buyers today check very carefully whether the price, location and quality of a property match each other and are hardly willing to accept inflated price expectations. However, we also see that transactions continue to take place at prices in line with the market. This shows that there is a fundamental willingness to buy."

For Dahler, the fact that the share of new apartments in Hamburg's premium segment is only 34.1 percent is mainly due to "the fact that high-quality projects in Hamburg's sought-after locations require long planning and development times, while increased construction costs and challenging financing conditions have made it even more difficult to realize new projects in recent years. It is true that building permits in Hamburg are now showing a more positive development again. However, it will probably be some time before the recovery in new residential construction is also noticeable in a larger supply of completed apartments in the premium segment. For buyers, this means that high-quality new construction offers in very good locations will continue to be a scarce commodity."

• In the first half of 2026, a total of 196 condominiums were sold, which corresponds to a decrease of 2.5 percent compared to the same period of the previous year H1-2025 (201).

• Total revenue in the first half of 2026 was 268.4 million euros, a decrease of 14.3 percent compared to the same period last year.
• Most transactions were registered in the Alster-West submarket (72), followed by Alster-Ost (52) and Eimsbüttel (30).
• In the Alster-West submarket, the number of transactions increased the most (+22.0 percent compared to H1-2025).
• The highest price per square metre paid was 24,825 euros and was paid for an apartment in Harvestehude. The highest total sum was around 6.9 million euros for an apartment in Eppendorf.
• Of the 156 condominiums for which a price per square metre was given, 25 had a price per square metre from 000 euros per square metre and 6 had a price from 18,000 euros per square metre.
• A total of 63 of the 185 apartments sold with a known year of construction were new apartments, which corresponds to a share of 34.1 percent (minus 10.8 percent compared to H1-2025).

• In the first half of 2026, a total of 174 properties were sold. The number of transactions was thus 1.8 percent above the level of the same period of the previous year (H1-2025).
• A total of 331.7 million euros was turnover, which corresponds to an increase of 1.5 percent compared to H1-2025.
• Most transactions were registered in the Elbe suburbs (78), followed by the Alster Valley (55).
• Among the 174 houses sold, 32 cost at least 2.5 million euros and one property more than seven million euros.
• The most expensive detached and semi-detached house was sold in Eppendorf at 7.5 million euros.

*Overview of sub-market divisions:

Alster-Ost: Alsterdorf, Barmbek-Süd, Eilbek, Hohenfelde, St. Georg, Winterhude, Uhlenhorst Alster-West/Eppendorf: Eppendorf, Groß Borstel, Harvestehude, Hoheluft-Ost, Rotherbaum HafenCity: HafenCity

¹ The transaction activity in the Hamburg sub-markets* Alster-Ost, Alster-West/Eppendorf, Alstertal/Walddörfer, Eimsbüttel/Altona/St. Pauli, Elbe suburbs, HafenCity, Niendorf-Schnelsen and Rahlstedt was evaluated. For the analysis of the premium segment, purchase cases of condominiums with a reported price per square metre of 10,000 euros or more were taken into account.

² New building = sold in the year of construction or the two following years

³ For the analysis, transactions received by the Valuation Committee by mid-2026 were integrated into the evaluation.

⁴ For the purpose of determining the total turnover, purchase cases of condominiums with a stated price per square metre of EUR 10,000 or more as well as of apartments for which no price per square metre was specified and which cost at least one million euros were taken into account.