In the first half of 2026, Hamburg's premium residential market showed an average price adjustment. The square metre price for premium flats fell to EUR 12,355. This represents a decrease of 2.9 percent compared to the first half of 2025. The determined value marks the lowest average price in the last six years; it was last lower in the first half of 2020 at EUR 11,950. The analysis of market development was based on data from the official expert committee for property values in Hamburg.
Transaction activity in the premium condominium segment in Hamburg remained almost stable. In the first half of 2026, 196 units were sold. This represents a marginal decrease of 2.5 percent compared to the 201 transactions in the previous year's first half (H1-2025). For this survey, both flats with a reported square metre price from EUR 10,000 and those without a specific square metre price but with a purchase price of at least one million euros were considered.
The total turnover in Hamburg's premium residential market reached approximately EUR 268.4 million in the period under review. This signifies a decline of 14.3 percent compared to the first half of 2025. The highest square metre price achieved was EUR 24,825 for a condominium in Harvestehude. The highest total sum for a single flat was around EUR 6.9 million and was recorded in Eppendorf.
Development in the Detached and Semi-Detached House Sector and New Builds
In the premium segment for detached and semi-detached houses, a contrary development was observed. The number of transactions increased by 1.8 percent to 174 compared to 171 in the first half of 2025. The total turnover in this segment amounted to approximately EUR 331.7 million in the first half of 2026, which corresponds to an increase of 1.5 percent compared to the same period last year. The highest sale price for such a property was also achieved in Eppendorf, at EUR 7.5 million. For this analysis, purchases with a purchase price of one million euros or more were considered.
The proportion of new-build flats among the sold premium properties with a known year of construction was only 34.1 percent (63 of 185 units) in the first half of 2026. This is 10.8 percentage points below the figure for the first half of 2025. Björn Dahler, founder and managing director of DAHLER, emphasised that Hamburg's premium property market is functioning despite a challenging environment. He explained that financing costs remain an important factor and that realistic price expectations on the part of sellers, as well as the quality and location of the property, are gaining importance. He interpreted the decline in the average square metre price as a sign that buyers are carefully comparing prices, location and quality, and are less willing to accept inflated price expectations.
According to Mr. Dahler, the low proportion of new-build flats is influenced by long planning and development times for high-quality projects in sought-after locations, as well as increased construction costs and demanding financing conditions. Despite a more positive trend in building permits in Hamburg, a larger supply of completed premium new-build flats is not expected for some time. This implies that high-quality new-build properties in very good locations will continue to be a limited commodity.
Detailed Market Overview of Condominiums
- —In the first half of 2026, 196 condominiums were sold, representing a decrease of 2.5 percent compared to the 201 transactions in the first half of 2025.
- —Total turnover in the premium residential segment reached EUR 268.4 million, which equates to a decline of 14.3 percent compared to the first half of the previous year.
- —The highest activity was registered in the Alster-West sub-market with 72 transactions, followed by Alster-Ost with 52 and Eimsbüttel with 30 transactions.
