1、dzhyp.deREAL ESTATE MARKET GERMANY 2025A research publication by DZ HYP|March 2025Decline in new construction on housing market Marked differences between office space and retail sectors1Real Estate Market Germany202502 Preface03 Summery06 Economic conditions in Germany07 Construction activity is sl

2、owing down significantly08 Special topic:hotel real estate in Germany14 Turnaround in real estate investment?16 Retail properties30 Office properties45 Multi-family houses53 Glossary54 Imprint 58 DZ HYP locationsTABLE OF CONTENTS2Real Estate Market Germany2025Dear readers,The last few years have bee

3、n quite a challenge for the German real estate market.In 2025,market performance continues to be hampered by factors such as the weakness of the German economy and structural change impacting individual asset classes.However,the overall outlook is noticeably brighter,not least because valuation mark

4、-downs are set to come to an end.At the same time,the markets are becoming increasingly heterogeneous.Here,a more differentiated picture emerges not just when comparing different segments but also when examining the growing impact of various influencing factors within the different asset classes.Thi

5、s real estate market report analyses the development of the retail,office and residential segments at the top locations in Germany Hamburg,Berlin,Dusseldorf,Cologne,Frankfurt/Main,Stuttgart and Munich.The study shows how the housing market is being shaped by high demand at a time when construction p

6、roject and completion numbers are declining.This divergence is affecting the top locations in particular,its impact also depending on factors such as migration numbers,supply structure and vacancy rates.The markets for office and retail properties are undergoing fundamental structural changes.Faced