Cologne investment market with comparable turnover as in the previous year and most stable development of all A-locations

Large-volume deals of more than 100 million euros contribute by far the most to sales at around 44% and thus achieve a result that is above the average value. The remaining transaction volume is relatively evenly distributed among the small and medium-sized size classes, which suggests that demand is quite buoyant on a comparatively broad front.

As is usual in Cologne, the lion's share of the investment volume (53%) is accounted for by the central city locations. This year, secondary vineyards come in second place, contributing about 34% to the result. This is about 15 basis points more than the long-term average.

Taking into account the global and economic conditions that the investment markets have had to contend with in recent years, the Cologne market can be attested to a remarkable resilience, which it has once again demonstrated in the past year. Therefore, there is much to suggest that the cathedral city will successfully assert itself in an environment that remains challenging for the time being. Global disruptive fires, which in particular cause uncertainty and rapidly changing influencing parameters, can certainly continue to have a dampening effect on the investment market in 2026. But Cologne has strong location factors, and at the turn of the year there were increasingly positive signals from which the investment markets should benefit. These include the slight improvement in sentiment in the German economy that can currently be observed. At the same time, it is to be expected that the Federal Government's special infrastructure fund will help to noticeably accelerate the growth momentum.

"From today's perspective, there is a realistic chance that the economy could pick up noticeably again for the first time in 2026. Economic tailwinds should also ensure that sales on the investment markets rise again. As a consequence, a slight increase in investment turnover in the cathedral city seems quite likely," says Lars Faßbender, Cologne branch manager of BNP Paribas Real Estate GmbH.

Link to the market report