Germany's seven most important premium real estate markets developed dynamically again in the fourth quarter of 2025: The supply of premium houses and exclusive apartments continued to rise, while negative price pressure was noticeable. This is illustrated by a recent analysis by premium real estate broker 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.
Apartments in top 7 cities: Significantly more premium offers with declining price dynamics
In the fourth quarter of 2025, the number of premium apartments offered on ImmoScout24 in the top 7 cities increased by 13.3% compared to the previous year. The increase in supply in Berlin (+17.4%, Q4-2024 to Q4-2025) stands out, whereas growth in Cologne was the lowest among the cities considered at 4.2% (Q4-2024 to Q4-2025).
On the other hand, there is a negative asking price dynamic: the median asking price across all premium segments of the top 7 cities fell by 6.2% to €8,781/m² (Q4-2024 to Q4-2025). The most significant decline was recorded in Frankfurt am Main, where the median fell by 13.8%; only in Düsseldorf (+1.1%, Q4-2024 to Q4-2025) and Hamburg (+2.5%, Q4-2024 to Q4-2025) did the median price go up.
Premium houses: Expansion of supply with falling prices
In the fourth quarter of 2025, the housing market developed in a similar way to that of the premium segment of the housing market, especially in terms of the number of vacancies: Overall, supply in the top 7 cities increased by 11.1% (Q4-2024 to Q4-2025). The largest growth was recorded among Hamburg's premium stores (+34.7%, Q4-2024 compared to Q4-2025). Düsseldorf is the only top 7 city where the supply has decreased (-5.0%, Q4-2024 to Q4-2025).
A decline in prices can be observed: the median asking prices in the premium segments of the top 7 cities decreased by 7.7% (Q4-2024 to Q4-2025) and stood at €9,017/m². In Cologne, the median asking price increased by 2.9% (Q4-2024 to Q4-2025), while it decreased in all other top 7 cities. The most significant decline was in Berlin (-19.7%, Q4-2024 to Q4-2025).
"The data make it clear that the German premium real estate market is increasingly developing into a buyer's market," says Björn Dahler, Managing Director at DAHLER, and adds: "A significant increase in supply is increasingly being met with stagnating to falling demand and a negative price trend. There is currently restraint on the part of interested parties in particular: In view of the geopolitical and economic uncertainties, purchase decisions are currently being weighed more carefully and are often linked to more stable financing prospects. At the same time, buyers and sellers continue to converge in their price expectations in the course of the current market phase. Overall, this does not indicate a structural weakness in demand, but a phase of adjustment in which sustainable price levels and high-quality properties prevail."
