15.04.2025 • 7 min. reading time
Content of this article
After years of a real estate boom and a phase of price correction in 2022 and 2023, the question for 2024 is: has the market bottomed out? The market is differentiated: While prices are stabilizing or rising again slightly in some regions, other regions are continuing to see price declines. Older existing properties in particular are under pressure due to high construction and refurbishment costs, while investment is increasing again in sought-after A-locations. However, price trends differ significantly depending on the region: So where are properties in Germany currently the most expensive - and where are they the most affordable? The VON POLL IMMOBILIEN experts analyzed the development of average purchase and rental prices* in the 400 rural and urban districts in 2024 compared to 2023 and took a particular look at the 20 most expensive and most affordable regions in terms of property prices.
'The real estate market is characterized by new opportunities, even if economic and geopolitical uncertainties remain. While buyers continue to pay more attention to energy efficiency and long-term value stability, the acquisition of older existing properties requires a precise calculation of renovation costs. At the same time, high construction costs and a sustained demand for housing are resulting in a limited supply of new-build properties, which is driving up rental prices in particular. These have risen almost across the board in 2024, even reaching double digits in some urban and rural districts. Particularly in view of rising rents, buying a home is a sensible alternative to protect yourself from rising housing costs in the long term and also to invest in your own retirement provision and old-age security. In addition, the current market offers property buyers the opportunity to benefit from lower prices in many regions before demand picks up again. We therefore recommend acting now instead of waiting - because who knows how long the current market situation with reduced prices will last.'
Rural and urban districts with the most expensive property prices
Not surprisingly, the top 20 regions with the most expensive prices per square meter in Germany include 14 rural and urban districts, all of which are located in Bavaria. Also represented are the federal states of Schleswig-Holstein, Hesse, twice Baden-Württemberg and the urban districts of Hamburg and Berlin. Property buyers still have to pay the highest prices per square meter in Germany in the city of Munich at an average of €8,028/m2 (rent: €19.62/m2), followed by the district of Munich at €7.424 €/m2 (rent: €16.90/m2) and Miesbach near Lake Tegernsee with €7,301/m2 (rent: €13.81/m2). The Bavarian districts of Starnberg with € 6,975/m2 (rent: € 15.91/m2), Ebersberg with € 6,357/m2 (rent: € 15.04/m2) and Garmisch-Partenkirchen with € 6.206/m2 (rent: €13.08/m2) belong to the top group.
'Normality in Munich means: little living space, but high demand in the city and district. Seven of the 40 DAX companies alone are based in Munich and the surrounding area. In addition, the greater Munich area attracts people with its very high recreational value, excellent schools and universities, a wide range of art and culture, very good infrastructure and the Bavarian way of life. Munich is and remains in high demand. The real estate market in Munich and the surrounding area is solid. The price over- and understatements on the market have been corrected. We are back to normality in Munich. However, new real estate construction remains challenging. Some property developers are facing a difficult situation: they have to reckon with high prices when purchasing land, while at the same time construction costs have risen sharply. In addition, sellers will still have to say goodbye to unrealistic price expectations - but there will be no bargains for buyers either. Compared to other metropolitan areas in Germany, Munich will always be a little more exclusive in terms of pricing.'
One of the top 20 most expensive urban and rural districts in terms of property prices is the district of Nordfriesland in Schleswig-Holstein with an average of €6,153/m2 (rent: €10.12/m2). In addition, the average price per square meter here rose by 2.4 percent compared to the previous year. It is worth noting here that three quarters of all urban and rural districts recorded a decline in prices in 2024 compared to 2023.
'The high price level for real estate in the district of North Friesland continues to be driven by the North Frisian islands, especially of course by the island of Sylt. Current prices per square meter have remained stable. It is the time for opportunities and the shift towards a buyer's market creates scope for price negotiations. However, we are also seeing a stronger focus on existing properties, which have become attractively priced, while new-build projects are characterized by high construction costs and usually expensively purchased land.'
Fig. 1: Development of purchase and rental prices in the 20 rural and urban districts with the most expensive prices per square meter, 2024 versus 2023 (Graphic: von Poll Immobilien GmbH)
Between approx. 5.000/m2 and 6.000/m2 on average in Hamburg (rent: €13.46/m2), the district of Freising (rent: €12.78/m2) and the district and city of Rosenheim (rent: €11.92/m2 and €13.01/m2 respectively), Freiburg im Breisgau (rent: 14.04 €/m2), Frankfurt am Main (rent: 15.29 €/m2), in the districts of Dachau (rent: 15.32 €/m2), Bad Tölz-Wolfratshausen (rent: 13.35 €/m2) and Fürstenfeldbruck (rent: 15.54 €/m2). What is striking in this group is that only in Freiburg im Breisgau have the prices per square meter for houses and condominiums risen in 2024 compared to 2023 - by 4.9 percent.
'Property prices in Freiburg im Breisgau have stabilized - even if there are still slight declines in some segments, especially for higher-priced properties or properties in need of renovation. High-energy apartments and houses in good locations remain in particularly high demand. The high financing costs and increased regulatory requirements continue to pose challenges. Overall, however, the market in Freiburg is proving resilient with a clear shift towards well-prepared and flexible buyers. In general, sellers need to be prepared for longer marketing times and more realistic asking prices. Properties in need of renovation or with a poor energy balance are likely to continue to be more difficult to sell. Flexible price negotiations and good presentation of the properties are crucial. Buyers with sufficient equity can still be found in prime locations.'
The 20 regions with the most expensive real estate prices in Germany also include the German capital Berlin with an average of €4,870/m2 (rent: €15.00/m2), the districts of Erding with €4.835 €/m2 (rent: €12.75/m2) and Berchtesgadener Land with €4,813/m2 (rent: €11.17/m2) and Stuttgart with €4,756/m2 (rent: €14.70/m2).
Rural and urban districts with the cheapest property prices
After the most expensive regions, it is also interesting to take a look at the urban and rural districts where the average price per square meter for residential properties for sale is the cheapest in Germany. It is striking that the 20 cheapest regions include a total of 17 urban and rural districts in the eastern German states, primarily Thuringia, Saxony, Saxony-Anhalt and Brandenburg. As a result, property buyers have to pay the least in the Thuringian districts of Greiz with an average of €1,133/m2 (rent: €5.64/m2), Altenburger Land with €1.179/m2 (rent: €5.87/m2), the Saale-Orla district with €1,190/m2 (rent: €6.63/m2) and in the Saxon Vogtland district with €1,196/m2 (rent: €6.63/m2).
Contrary to the trend that most property prices fell in 2024 compared to 2023, they climbed by 13.8 percent among the 20 most affordable urban and rural districts in the Saale-Orla district,8 percent - the third-highest price increase for residential properties in Germany - as well as 12.8 percent in Elbe-Elster, 7.2 percent in Hildburghausen, 4.7 percent in Wittenberg, 4.2 percent in the Erzgebirgskreis and 1.3 percent in Gera.
'The real estate market in Thuringia shows a differentiated development. In urban centers such as Erfurt, Weimar and Jena, prices remain largely constant due to stable demand. In rural areas, on the other hand, a shrinking and ageing population and rising vacancy rates are leading to falling property prices. Nevertheless, buyers here have a greater choice and can often negotiate better terms. However, sellers must expect longer marketing times. The trends described above are expected to continue. In the cities of Thuringia, there is increased investment in urban densification in order to meet the high demand. At the same time, efforts are being made to revitalize rural areas through funding programmes and infrastructure projects in order to counteract the demographic decline.'
Between €1,200/m2 and €1.300 €/m2 are the average property prices for houses and condominiums in the Erzgebirgskreis district of Saxony (rent: €5.56/m2), in the Elbe-Elster district of Brandenburg (rent: €6.08/m2), in the Görlitz district of Saxony (rent: 5.65 €/m2) as well as in the Thuringian districts of Unstrut-Hainich-Kreis (rent: €6.35/m2), Saalfeld-Rudolstadt (rent: €6.83/m2), the urban district of Gera (rent: €6.22/m2), the Kyffhäuserkreis district (rent: €6.63/m2) and the Mansfeld-Südharz district in Saxony-Anhalt (rent: €6.03/m2).
Fig. 2: Development of purchase and rental prices in the 20 rural and urban districts with the cheapest prices per square meter, 2024 versus 2023 (Graphic: von Poll Immobilien GmbH)
The top 20 cheapest regions, albeit in the upper range, also include the districts of Zwickau in Saxony with an average of €1.307/m2 (rent: €5.81/m2), the Salzland district in Saxony-Anhalt with €1,314/m2 (rent: €6.15/m2), Holzminden in Lower Saxony with €1,385/m2 (rent: €6.46/m2), Wittenberg in Saxony-Anhalt with €1.387 €/m2 (rent: €6.51/m2), Hildburghausen in Thuringia with €1,387/m2 (rent: €7.11/m2), Lüchow-Dannenberg in Lower Saxony with €1.403 €/m2 (rent: €6.81/m2), Werra-Meißner-Kreis in Hesse with 1.408 €/m2 (rent: €6.80/m2) and Eichsfeld in Thuringia with €1,410/m2 (rent: €7.54/m2).
Fig. 3: Overview of the rural and urban districts with the most expensive and cheapest purchase and rental prices, 2024 (Graphic: von Poll Immobilien GmbH)
PDF for download
Tabular overview and ranking of real estate prices in 2024 for all rural and urban districts in Germany, sorted by federal state.
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PDF for download
Tabular overview and ranking of real estate prices in 2024 for all rural and urban districts in Germany, sorted by federal state.
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*The data basis for the purchase price and rental price analysis for detached and semi-detached houses and apartments is based on the average asking prices in 2024 and 2023 from empirica-regio (VALUE market data) and VON POLL IMMOBILIEN Research (2025).
