Berlin Apartment Building Market Q4 2026

Prices and Multiples since 2000

In 2000, a Berlin apartment building sold for an average of €500 per square metre of living area, at 11.2 times the annual net cold rent. Little changed until 2004, when the figures stood at €680 and 12.5 times. Many buildings still had toilets outside the apartments and coal-fired stoves, and maintenance had been put off for years. In the older housing areas of East Berlin, an estimated 30 per cent or more of apartments stood empty in 1998.

From 2010 onwards, both figures rose sharply. In 2021, a square metre cost €3,230 and the multiple stood at 32.1. These years saw falling key interest rates, sustained in-migration and entry prices that were low by European standards. The multiple peaked in 2021, prices a year later at €3,300. Today prices stand at €2,350 per sqm and the multiple at 20.9. In price terms, that places the market between its 2016 and 2017 levels; for the multiple, between 2014 and 2015.

Sales, Prices and Multiples in 2026

In 2025 as a whole, 728 apartment buildings were sold. For 2026, 490 sales have been recorded as of 13 October. The current year is not yet complete, and further sales will be added as they are reported.

The highest numbers of sales so far have been recorded in Charlottenburg-Wilmersdorf (56), Pankow (54) and Steglitz-Zehlendorf (54). The following map shows how sales are distributed across Berlin's twelve boroughs.

Average purchase price per building

The average purchase price per Berlin apartment building stands at €4,301,000 so far in 2026, compared with €4,864,000 in the previous year. The average purchase sum per transaction has therefore fallen for the second consecutive year and reached its lowest level in the series shown since 2020. In 2024, it still stood at €6,221,000. That year, the average purchase price per building rose while the price per square metre fell. This metric shows the purchase sums being transacted in the market; prices per square metre are examined separately.

Transaction Volume

In the first half of 2026, apartment buildings worth €1.22 billion changed hands, 3% more than in the first half of 2025 (€1.18 billion). The third quarter accounted for €768 million, against €1.10 billion a year earlier. Since the start of the year, transaction volume has reached 2.1B €.

Based on the data available as of 13 October 2026: To reach the annual transaction volume recorded in 2023, around 200 additional sales at the current average purchase price would be needed by the end of the year. That would mean around 18 transactions per week, compared with roughly twelve so far.

The map shows transaction volume by borough and the change on the previous year.

Multiples

Anyone buying an apartment building in Berlin today pays on average 20.9 times the annual net cold rent. The last time the multiple was lower was 2014, at 19.7. At its 2021 peak, it stood at 32.1.

Compared with the previous year, the multiple has risen only in Charlottenburg-Wilmersdorf and Spandau. In every other borough with sufficient data it has fallen, most markedly in Lichtenberg and Reinickendorf. Over five years, the steepest decline was in Charlottenburg-Wilmersdorf, followed by Marzahn-Hellersdorf and Mitte, and the smallest in Spandau and Reinickendorf. Buildings in Charlottenburg-Wilmersdorf achieve the highest multiple. The map shows the figures for each borough.

Prices per Square Metre

Half of all sales currently achieve less than €2,100 per sqm, the other half more. In 2018, this median was €2,490 per sqm; at its 2022 peak, €2,970 per sqm. The average is higher, at €2,350 per sqm.

For Steglitz-Zehlendorf and Treptow-Köpenick, there are not yet enough evaluable sales in 2026 to give a price.

Buyer Profiles

Who buys apartment buildings in Berlin? Five groups of buyers appear regularly. They differ in how much they invest, where they buy and how long they hold.

• Family offices and multi-family offices typically invest between €5 million and more than €20 million. They look for buildings with value-add potential or special situations and hold them over the medium term. With substantial equity behind them, they can decide quickly.
• Private investors usually buy buildings worth €2 million to €5 million, often in areas they know well. They aim to add value, decide individually and quickly, and often think in terms of generations.
• Developers buy when a building fits their project, sometimes paying very high prices. Their focus is on planning rights, the scope for refurbishment and change of use, and whether the plot can be subdivided.
• Long-term holders, private and corporate alike, buy to add to their portfolios and hold for the long term. What matters to them is reliable rental income and predictable rent increases. Many buy specifically where they already manage buildings.
• Funds invest from €20 million upwards or acquire entire portfolios. They favour well-let, stable assets (core and core-plus) that meet ESG criteria, diversify broadly and take longer to reach decisions.

According to the Committee of Valuation Experts, conversions into condominiums fell sharply in 2025, to 966 apartments (−37%). Most were in Spandau, with 311. Standard land values (Bodenrichtwerte) for multi-storey residential land remained unchanged as of 1 January 2026.

Outlook

Purchase price multiples and prices per square metre for Berlin apartment buildings are well below their peaks. The average multiple has fallen from 32.1 in 2021 to 20.9. The average price per square metre stands at €2,350 per sqm, compared with €3,300 per sqm in 2022. Buyers therefore pay less for the same annual rental income. This can offset higher financing costs in their calculations.

Nevertheless, there is no sign of an expansion in trading so far. In the first three quarters of 2026, transaction volume was around 13 per cent below the same period a year earlier. The average purchase price per building fell from €4,864,000 in 2025 to €4,301,000 so far this year. Purchase sums per transaction are therefore smaller. Figures for the current year are provisional and may change as further sales are reported.

Lower prices alone evidently do not suffice to bring more buyers and sellers together. With prices per square metre having moved closer to the underlying value of some buildings, owners are likely to be less willing to accept further discounts. Still lower offers could therefore increasingly result in sales not going ahead. Together with lower multiples, this suggests that the price correction is likely to be largely complete.

These market figures alone do not determine whether now is a good time to sell. Someone who has owned a building for 20 or 30 years and largely paid off its debt will calculate differently from someone facing refinancing or major maintenance. The calculation includes rent levels, development potential, upcoming investment and the price achievable today. It also includes the income the building can still generate in the coming years after these expenses.

For buyers, the price level now reached opens a window for investment. Future capital appreciation remains part of the consideration, but the acquisition must also be financeable on today's terms. Where banks finance only a limited share of the purchase price, the availability of buyers' own funds determines whether a transaction can proceed. Buyers with substantial equity therefore have more scope to act.

If you are considering a purchase or sale, we can help you apply the market data to the particular building and assess a realistic purchase or sale price.

Methodology

Data as of this edition: transaction data from Berlin's Committee of Valuation Experts as of 13 October 2026; interest rate data from the Deutsche Bundesbank up to August 2026. Figures for the current year are year-to-date and not directly comparable with completed years. Purchase contracts are reported to the committee with a delay, so figures for past quarters may still change.

Prices per square metre refer to living area and are shown as both average and median; prices per building and multiples are shown as averages. For 2026, evaluable price data were available for 214 of the 490 sales, and a multiple for 114. Where case numbers are small, for example at borough level, individual large or high-priced properties can strongly influence volume and averages.

Calculation and presentation at the level of boroughs and former boroughs: GUTHMANN®. The figures are based on a model-driven analysis and do not replace official statistics. Deviations are possible.