According to Savills, around 1.9 billion euros were turned over on the Hamburg real estate investment market in 2025. Compared to the previous year, this corresponds to a decrease of 21%. Compared to the 10-year average, sales were even 58% lower. In the last twelve months, Savills has registered about 50 transactions, which is a decrease of 6% compared to the same period last year. Prime yields for offices and commercial buildings were 4.2% and 4.3% respectively at the end of December. While it is unchanged for commercial buildings compared to the previous quarter and compared to the previous year, the prime yield for offices fell by 10 basis points compared to both the previous quarter and the previous year.
Jörn Roock, Director Investment at Savills in Hamburg, comments on the market as follows: "The Hamburg real estate investment market has noticeably gained momentum in the course of 2025, especially in the second half of the year. It should be emphasized that there were again several core transactions in the CBD in the office segment, mainly driven by family offices. It is also positive that the rate of aborted transactions in Hamburg is below the level of other markets and that institutional investors are also showing selective interest in selected properties again. At the same time, we are observing an increasing market spread: While both high-quality core assets and value-add properties in need of modernization or repositioning are again comparatively tradable, opportunities in district locations, especially with ESG deficits, remain challenging. The decisive factor for successful deals is the willingness of sellers to orient themselves towards prices in line with the market."
With a transaction volume of EUR 540 million, office properties have contributed the most to investment turnover in the last twelve months, followed by healthcare/social properties (approx. EUR 430 million) and retail properties (approx. EUR 340 million). Attached you will find the press release as a PDF and the accompanying graphic.
Supplemental graphs and data can be found on the Savills online property investment market dashboard.
