GREIX sales price index Q4 2025: Price momentum slows down
At the end of 2025, price growth in the German real estate market experienced a slowdown. Apartment prices decreased slightly, while single-family house prices increased moderately. Meanwhile, the number of transactions continued to increase across all market segments.
These insights are based on the latest update of the GREIX sales price index, a joint project of the local expert committees for property values (Gutachterausschüsse für Grundstückswerte) and the Kiel Institute for the World Economy. The GREIX sales price index tracks price developments in 24 cities and regions. All data is available at greix.de.
“Price dynamics are losing momentum. Growth is flattening, meaning prices are still rising, but less strongly,” says Jonas Zdrzalek, project leader of GREIX at the Kiel Institute for the World Economy. “At the same time, market activity is increasing, but at a slower pace.”
Compared to the previous quarter: apartment prices have declined
Compared to the previous quarter (Q4 2025 vs. Q3 2025), apartment prices fell by 0.3 percent. When adjusted for inflation, i.e. measured in terms of current purchasing power, prices declined by 0.6 percent. Prices for single-family houses rose by 0.8 percent (0.4 percent adjusted for inflation). By contrast, multi-family houses were sold at prices 4.0 percent higher (3.7 percent when adjusted for inflation). However, given the relatively low number of transactions in this segment, these figures are less conclusive.
Slight rise in sales prices compared to the same quarter of the previous year
Compared to the same quarter last year (Q4 2025 vs. Q4 2024), the GREIX sales price index shows only a slight increase in sales prices. Apartment prices rose by 1.5 percent and single-family houses by 1.6 percent. This marks the sixth consecutive quarter that apartment prices have remained above the previous year's level. However, gains in both the apartment and single-family house markets are below the overall inflation rate of around 2.2 percent. Therefore, in inflation-adjusted terms, prices in these two segments have fallen slightly. Multi-family houses posted a clear increase of 4.8 percent (2.6 percent adjusted for inflation) compared to the same quarter a year earlier.
Number of transaction growth slows
Following the sharp downturn in 2023, market activity increased significantly in 2024. This trend continued in 2025, albeit with lower growth rates. Compared to the previous year, sales increased by 4.1 percent for apartments, 1.9 percent for single-family houses, and 8.9 percent for multi-family houses.
Major cities: mixed price developments
“Regional differences remain pronounced in the fourth quarter of 2025,” says Zdrzalek. “While some cities continue to catch up, other markets are stagnating or even recording declines toward the end of the year.”
In Leipzig, prices rose sharply by 2.9 percent compared to the previous quarter. Stuttgart also saw a notable increase of 1.4 percent. Frankfurt am Main saw a moderate price increase of 0.6 percent. In contrast, prices in Berlin fell by 1.5 percent. Data for Dresden, Hamburg, and Munich from the fourth quarter of 2025 is not yet available.
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Methodological note
The Greix sales price index is based on a hedonic regression method. This method mitigates the price distortions that often arise when using the average price per square meter. For example, if a large number of expensive apartments in a desirable location are sold in a given year, this can inflate the average price per square meter. However, these fluctuations may not reflect an overall increase in real estate values. Hedonic regression methods mitigate the impact of specific property characteristics on price trends.
About the GREIX
- What is the German Real Estate Index (GREIX)?
The German Real Estate Index (GREIX) is a publicly funded research project hosted at the Kiel Institute for the World Economy that aims to increase transparency in the German real estate market. To this end, GREIX regularly publishes updates on the development of sales prices (GREIX sales price index) as well as on the development of asking rents (GREIX rental price index). In addition to these price developments, GREIX publishes special analyses, for example on affordability or on price-determining factors such as location or energy efficiency. - What is the GREIX sales price index?
The GREIX sales price index is a real estate price index for Germany based on the sales price collections of the local expert committees, which contain notarized sales prices. It tracks the price development of individual cities and neighborhoods back to 1960 and is based on more than two million transaction data. The dataset can be used to analyze long-term trends in the real estate markets and to place current developments in a historical context. On greix.de, sales price indices for various market segments in currently 24 cities are freely available. The dataset will gradually be expanded to include additional cities. - What data and methods are used to create the indices?
Data collection is carried out by the local expert committees, which record all property transactions in full. Sales price analysis is conducted using state-of-the-art scientific methods and statistical techniques (hedonic regression method). The GREIX sales price index therefore represents the highest standard of scientific data quality.
