Housing Market Overview Germany H2 2025 (incl. Berlin)

This JLL report covers Germany's housing market in the second half of 2025 across eight major cities (Berlin, Hamburg, Munich, Cologne, Frankfurt, Dusseldorf, Stuttgart, and Leipzig), analyzing rental and condominium price developments, construction activity, and supply-demand dynamics. Key findings include: rental growth in the Big-8 cities averaged +4.4 percent annually with significant variation by city (Hamburg +9.0 percent, Berlin +0.2 percent); condominium prices showed recovery with median growth of +2.9 percent in Munich and +5.3 percent in Dusseldorf; construction completions declined to preliminary lows of 251,900 units in 2024 and projected at 220,000–230,000 for 2025; and all analyzed cities face supply deficits ranging from 10 to 40 units per 10,000 inhabitants, with 2026 expected to mark the lowest completion point before recovery.