Overview
- In Q1 2026, the Bundesbank’s first commercial property index shows prices up 2.1% year over year.
- Separate data from the Pfandbrief banks’ association report overall property prices up 2.2%, with residential up 2.3% despite higher mortgage rates.
- Big-city markets led gains, with the seven largest metros up between 2.7% and 3.6% and Hamburg rising 4.9%.
- The index uses vdpResearch transaction data and publishes subindices by property type and by region.
- The Bundesbank warns that sharp valuation drops could strain banks that use commercial property to secure corporate loans, while analysts flag tight urban housing, rising wages, and higher building and energy costs as key forces.