Prices are flat in nominal terms and falling in real terms, from about EUR 3,200 per m² in Leipzig to well over EUR 7,000 in Munich. Add 9-12% for transfer tax, notary and broker.
Property prices in Germany have stopped rising fast. Destatis's house price index shows residential prices up 0.6% in the second quarter of 2026 compared with a year earlier, and in the seven biggest cities flats were slightly down (-0.4%). In real terms prices are lower than a year ago. Flats cost from roughly EUR 3,200 per m² in Leipzig to well over EUR 7,000 in Munich, and buying costs add another 9-12% on top (as of October 2026). Foreigners can buy anywhere without nationality restrictions. This guide gives the price per m² by city, the trend and the full cost of a purchase.
Price per m² by city (2026)
Reported medians for flats, from news summaries of recent index releases:
- Munich: about EUR 7,400 per m² (second quarter of 2026).
- Frankfurt: about EUR 6,400 per m² (January 2026).
- Berlin: about EUR 5,100 per m² (second quarter of 2026).
- Hamburg: about EUR 4,700 per m² (second quarter of 2026).
- Leipzig: about EUR 3,200 per m² (January 2026).
Measures differ: another report put Munich at about EUR 9,600 per m², probably asking prices that include new builds, so treat any single number as a range. New builds and prime districts sit well above the city median, older blocks and outer districts below. Ask for recent notarised sales in the same street, not only for asking prices. For areas inside each city see the best areas to buy in Germany.
The price trend
Two indices, two slightly different readings. Destatis: residential prices +0.6% on the year and +0.3% on the quarter in the second quarter of 2026 (+1.4% in the first quarter); in the Top-7 cities flats -0.4% on the year, in other large cities flats +2.0%, in densely populated rural districts flats -1.8%. GREIX (the Kiel Institute index), as in our report German home prices still rise in nominal terms but fall in real terms: flats +0.4% nominal and -2.1% real. The common picture is a flat market after the 2022-2024 correction, with weakness in the biggest cities and some strength in mid-sized ones. Past figures do not predict future prices.
What buying costs on top of the price
German buying costs are high and fixed by rules, so you can budget them closely:
- Real-estate transfer tax (Grunderwerbsteuer): set by each federal state, between 3.5% and 6.5%.
- Notary and land registry: about 1.5% (a common range is 1.5-2%).
- Broker commission (Maklerprovision): since December 2020, for flats and single-family homes the buyer and seller share the commission; a typical total of 7.14% means 3.57% for each side. The total varies by state.
Transfer tax in the main investment cities, per 2026 tables: Bavaria (Munich) 3.5%, Baden-Württemberg (Stuttgart) 5.0%, Hamburg 5.5%, Saxony (Leipzig) 5.5%, Berlin 6.0%, Hesse (Frankfurt) 6.0%, North Rhine-Westphalia (Cologne, Düsseldorf) 6.5%. Check the current rate for your state before you sign, because states change it.
Budget examples
Our own arithmetic, not market data.
- A flat in Munich for EUR 500,000: 3.5% transfer tax EUR 17,500, notary and registry about EUR 7,500, broker EUR 17,850. Costs EUR 42,850 (about 8.6%), total about EUR 542,850.
- A flat in Berlin for EUR 350,000: 6.0% EUR 21,000, notary and registry about EUR 5,250, broker EUR 12,495. Costs EUR 38,745 (about 11.1%), total about EUR 388,745.
- A flat in Leipzig for EUR 200,000: 5.5% EUR 11,000, notary and registry about EUR 3,000, broker EUR 7,140. Costs EUR 21,140 (about 10.6%), total about EUR 221,140.
If there is no broker (a private sale or a developer), the costs fall by the commission. Our total cost of ownership abroad guide shows how to add running costs.
Annual costs
- Property tax (Grundsteuer): from 1 January 2025 it is calculated under a reformed system, and each municipality sets its own multiplier (Hebesatz). Examples: Hamburg 975%; Berlin cut its rate from 810% to 410%. The reform was meant to be revenue-neutral overall, but individual bills can rise or fall. We found no reliable average per flat, so ask for the actual bill.
- Hausgeld: the monthly fee to the owners' association, commonly EUR 3 to 4.50 per m².
- Insurance, repairs and, for non-residents, a tax adviser. Rental income and yields are in rental yield in Germany.
Foreign buyers and financing
There are no restrictions on foreigners buying property in Germany, in cities or elsewhere. Banks lend to non-residents less readily: expat sources describe loan-to-value limits of roughly 50-60% and a deposit of 40-50% plus costs, more documents and slightly higher rates. Details are in mortgages for foreigners in Germany. The step-by-step process (notary contract, priority notice, land-register entry) is in the Germany property guide. Check the building with the resale checklist, and see the risks of investing in Germany.
FAQ
How much does property cost in Germany? From about EUR 3,200 per m² for a flat in Leipzig to well over EUR 7,000 in Munich, with Berlin near EUR 5,100. What are the buying costs? Roughly 9-12% on top: transfer tax 3.5-6.5%, notary and registry about 1.5%, and 3.57% broker commission for the buyer where a broker is used. Do prices keep rising? Not at the moment: nominal prices are flat to slightly up and real prices are lower. Can a foreigner buy? Yes, anywhere, without nationality restrictions. Is a residence permit included? No, property in Germany does not give residence, see Germany golden visa. More on the market at /countries/germany.
How we help
We shortlist cities and buildings to your budget, compare asking prices with recent notarised sales, model the full cost including state transfer tax, and coordinate local lawyers, notaries and tax advisers. We do not guarantee price growth.
This article is informational only and is not legal, tax or investment advice. Figures are indicative, come from public sources as of October 2026 and change; confirm the current rates with a German notary or adviser before you buy.