Find a place to call your own
Back

Hamburg property prices

Hamburg is very popular. As an important business location with a rich cultural and educational offering and the unmistakable Hanseatic flair, the Elbe metropolis is without doubt one of the most sought-after places to live in Germany. This is also noticeable on the residential and housing market: Property prices in Hamburg have been rising for years, making the Elbe metropolis the city with the third highest price level in Germany after Munich and Frankfurt. Hamburg thus offers excellent conditions for real estate sellers, but at the same time the city also offers various promising opportunities for profitable real estate investments. In the following you will find out everything about the current square metre prices in Hamburg, the best locations and what developments can be expected for the future:


1. Hamburg property market: current developments and trends

As in most of Germany's major cities, Hamburg is also experiencing continuous population growth. Almost 1.9 million people currently live in the Hanseatic City, which represents an increase of +5.3 percent compared to 2014. The demand for living space is therefore unbroken. At the same time, the completed new flats cannot fully meet the growing demand.

This development, together with the continuing low interest rate environment, is leading to continuous price increases. For property buyers, residential properties in the greater Hamburg area are therefore increasingly attractive alternatives. A further indication of the continuing demand for residential space is the low vacancy rate. Just 0.5 percent of the multi-storey apartments in Hamburg are currently uninhabited. 


2. Rental prices in Hamburg

The enormous influx of residents that the Hanseatic city receives and the associated demand for housing is reflected in the rents. For years, average supply rents in Hamburg have been on a continuous upswing, both for existing properties and for new buildings.





Tenants of existing properties in Hamburg paid an average of 12.09 euros per square metre of living space in 2020. This corresponds to a price increase of +2.37 percent compared to the previous year. Looking at the rents offered over the last five years, the square metre prices even rose by +11.84 percent.





In contrast, rents for new buildings have fallen slightly. In 2020 the average rent here was 14.93 euros per square metre. This means that the rent in 2020 fell slightly by -0.13 percent compared to the previous year. Overall, however, rising prices can also be observed here: Over the past five years, the growth in the supply rent for new buildings has been +11.75 percent.


3. Hamburg purchase prices for condominiums

The supply prices for condominiums in Hamburg have continued to rise in 2020. In 2020, buyers paid an average of 6,993 euros per square metre for a new building, an increase of +18.95 percent.





The positive trend for existing properties is also unbroken. Existing condominiums achieved an average price per square metre of 5,424 euros last year. This means that prices here were +8.63 percent higher than in 2019.


4. Hamburg property prices for single-family homes

Hamburg's housing market is also characterised by consistently high price levels. In 2020, property buyers paid an average price of 787,974 euros for a single-family home. This corresponds to an increase of +9.3 percent compared to the first half of 2019.

Hamburg property prices for apartment buildings

Hamburg's market for apartment buildings has been characterised by high demand and low supply for years. This is why prices have been rising sharply for years. The average asking price in the first half of 2019 was 3,698 euros per square metre. Transaction figures, rents, prices and factors can be found in detail in our Residential and Commercial Property Market Report 2020.

Subscribe to newsletter

Stay informed!
Subscribe to our newsletter now and receive exclusive properties, market reports and the latest news from the property sector every month!
Your subscription was successful.
Please confirm your subscription by clicking the link in the email you will receive in a few moments.
Your mail address is already subscribed.
Your subscription failed!
Please try again later.

I agree to the processing of my data for the purpose of regularly receiving newsletters from the Engel & Völkers licensing partner.


You can find out which data the Engel & Völkers licensing partner stores in detail and which rights you have in this context here. You can withdraw your consent here and revoke it for future use at any time.


I agree to the processing of my data.


5. Hamburg property prices by district

Apart from the type and condition of a property, property prices in Hamburg are also dependent on location. In general, properties north of the Elbe are more in demand than houses and condominiums in the south of the city. The highest price level is achieved by properties close to the city centre and those located on the northern bank of the Elbe.


Very good location

Traditionally, Blankenese, Nienstedten, Othmarschen and the area around the Alster belong to the districts in very good locations. In addition, HafenCity, Marienthal and parts of Volksdorf Wellingsbüttel, Poppenbüttel, Bergedorf and Wohlsdorf-Ohlstedt are among the most sought-after property locations. Here, single- and two-family homes in these locations achieve prices between 1.2 million euros and 15 million euros. Condominiums in these locations are also characterised by a high price level. The square metre prices here are between 6,000 euros and 25,000 euros. Apartment buildings on the Alster and Elbe are sold for 4,500 to 6,800 euros per square metre.


Good Location

Districts in good locations include Eimsbüttel, Lokstedt, Winterhude, St. Georg and the old town. Heimfeld to the south is also considered a good location. However, the price range in these districts is narrower than in the very good locations. Single- and two-family homes in good locations achieve prices between 620.000 million euros and 4 million euros. Condominiums in good locations achieve prices between 3,800 euros and 11,000 euros per square metre. Apartment buildings in good locations achieve square metre prices between 3,200 and 4,800 euros.


Mid-range location

Districts in mid-range locations are mainly found north of the Elbe and include Barmbek-Nord and -Süd, Rahlstedt and Wandsbek. House prices in these areas are between 320,000 euros and 1.25 million euros. For condominiums, buyers can expect to pay between 2,200 euros and 7,000 euros. Apartment blocks and apartment buildings achieve square metre prices of 2,400 to 3,500 euros.


Secondary Location

Districts in secondary locations include Horn, Billstedt, Veddel and most of the residential areas south of the Elbe. The less desirable location of these districts is balanced out by lower investment hurdles: with a price range of 340,000 euros to 1,25 million euros, local house prices are comparatively moderate. The same applies to condominiums: the square metre prices here are between 2,500 euros and 7,700 euros. For apartment buildings, too, property prices in secondary locations start at 1,900 and range up to 2,600. 


6. Forecast: how are Hamburg property prices developing?

Engel & Völkers Hamburg expects a further price increase in all locations next year. The only exception could be condominiums in the middle range, for which price stabilisation is forecast. Philip Bonhoeffer and Niclas Gyllensvärd from the local shop sum up:

"Once again the Covid 19 crisis shows how stable and solid the real estate market around the Alster is. Demand and prices remain at a high level and are even rising slightly. So once again the wisdom "location, location, location" is confirmed.

Further property prices

You can obtain even more in-depth insights into the residential property market of the 61 most important cities in Germany in our current Residential Property Market Report for Germany 2019/2020 or in a personal meeting with us. We look forward to hearing from you!

Bente Tralau and Oliver D. Ihrt of Engel & Völkers Commercial Hamburg assess the current development on the Hamburg apartment building market: "The real estate rally continues unabated in Hamburg - 2018 saw the highest transaction volume of all time. And again, both the square metre prices and the coefficients have increased. In a ten-year comparison, the square metre purchase prices have now tripled - making Hamburg an attractive market for buyers and sellers alike. Long-term property owners in Hamburg are selling part of their portfolio in order to realise the enormous growth".

Factors, developments, rents and property prices in Hamburg and 66 other German cities can be found in our current Residential and Commercial Property Market Report 2020.  

Contact us now
Engel & Völkers
Property prices in Germany

Sources by chapter: 

Current developments on the Hamburg property market: City of Hamburg, CBRE-empricia vacancy index, Engel & Völkers Residential, Engel & Völkers Commercial

Hamburg property prices for condominiums: empirica-systeme, Engel & Völkers Residential

Purchase prices for condominiums in Hamburg: empirica-systeme, Engel & Völkers Residential

Purchase prices for single-family homes in Hamburg: empirica-systeme, Engel & Völkers Residential

Purchase prices for apartment buildings in Hamburg: empirica-systeme, Engel & Völkers Residential

Hamburg property prices by district: Engel & Völkers Residential, Engel & Völkers Commercial