Overview
- The Bundesbank’s first transaction-based index shows German commercial property prices up 2.1% year over year in the first quarter of 2026.
- The index draws on more than 300,000 deals since 2013 and breaks out offices, retail, and multi-family buildings across five regional tiers.
- Separate figures from the Pfandbrief banks’ association indicate a 2.2% rise for all property types in Q1, with housing up 2.3%, offices 1.9%, and retail 1.5%.
- Price gains are strongest in big cities, with Hamburg leading among major metros and differing methods yielding 2.7% to 3.6% growth for the top seven cities.
- Ten-year mortgage rates sit near 3.95%, and economists expect only a mild drag on prices as wage growth and scarce supply support demand, even as the Bundesbank warns that sharp revaluations could strain lenders.