The Deutsche Hypo Property Climate experienced another slight backward movement in September 2026. Data collected during the 225th monthly survey of approximately 1,000 property experts shows a 1.1% decline in the index compared to August. The index thus stood at 80.5 points.
The year-on-year development is more pronounced. Currently, the figure is 16.6% below the level of the same month last year. Both primary sub-indices, the Earnings Climate and the Investment Climate, also showed a decline. The Earnings Climate reduced by 0.6% to 86.6 points. The Investment Climate recorded a decrease of 1.7%, reaching 74.6 points.
The annual perspective clarifies the trend. The Investment Climate is 20.5% below the previous year's value, while the Earnings Climate shows a reduction of 12.7% over the same period. These figures indicate a persistently subdued sentiment in certain segments of the property market.
Segmental Differentiations at a Glance
Developments within individual property sectors were heterogeneous in September. While the Retail and Logistics Climates showed improvements, the Office, Residential, and Hotel Climates were affected by declines. The Retail Climate showed the strongest increase, rising by 4.0% to 67.8 points. The Logistics Climate also recorded an increase of 2.9%, reaching 98.5 points.
In contrast, the hotel segment experienced the most significant decline. The Hotel Climate fell by 5.4% to 90.4 points. The Residential Climate, despite declining by 3.7% to 125.6 points, remained the strongest segment in the assessment. The Office Climate decreased by 2.4% and stood at 64.5 points.
Key Figures for the Month
- —The overall Property Climate index stands at 80.5 points, signalling another slight decline.
- —The Retail Climate recorded the strongest increase among the segments, with a gain of 4.0%.
- —The Hotel Climate showed the most significant decrease in the reporting month, with a decline of 5.4%.
- —The Investment Climate remains cautiously rated at 74.6 points.
