According to the property market report of the valuation committee (Gutachterausschuss), 510 apartment buildings were sold in Hamburg in 2025 for a total of around €1.82 billion – 27% more contracts and 66% more volume than in 2024. On average a building cost around €3,300 per square metre of living space, and buyers paid 22.1 times the annual net rent excluding service charges (Jahresnettokaltmiete). On diskret.immo, registered buyers see anonymous profiles of Hamburg buildings whose owners do not want to list them publicly.
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What is the Hamburg property market like?
The Hamburg market for apartment buildings recovered significantly in 2025 from the low point of 2023. After 282 sales in 2023 and 400 in 2024, there were already 510 in 2025. The transaction volume rose from €1,097 million to €1,820 million. This means the 2021 level (€2,500 million) has not yet been reached again.
| Hamburg key figure | Value | Source, date |
|---|---|---|
| Total purchase contracts 2025 | 10,120 (2024: 9,089) | Immobilienmarktbericht Hamburg 2026 |
| Total transaction volume 2025 | €9,040 million (2024: €8,614 million) | ibid. |
| Apartment buildings: contracts / volume | 510 (+27%) / €1,819.7 million (+66%) | ibid. |
| Apartment buildings: average price | approx. €3,300/m² living space, location-adjusted +8% (mid-2024 to mid-2025) | ibid. |
| Rental multiple (Ertragsfaktor) apartment buildings (mean) | 22.1 times annual net rent | ibid. |
| Rental multiple without intention to divide, average / preferred location | 19.7 / 27.1 | ibid., ch. 2.3.5 |
| Share of apartment building sales involving an estate agent | 62% | ibid., ch. 2.3.1 |
| Apartments: contracts / volume | 5,860 / €2,834 million | ibid. |
| New-build apartment, average location | approx. €8,400/m² living space | ibid. |
| Standard land values (Bodenrichtwerte) for multi-storey housing, 01.01.2026 | on average −4% | ibid. |
How to assess a multiple is explained in the guide Purchase price multiple for apartment buildings; the short definition is in the glossary.
What stands out about Hamburg: The multiple varies widely by location. In average locations, buyers paid 19.7 times the rent for buildings without an intention to divide, in preferred locations 27.1 times. There is also a second price jump: the 24 buildings bought with the intention of dividing them into apartments cost on average €4,529/m² of living space. Buildings without this intention were at €3,122/m². The sample is small, but the direction is clear.
Which properties are traded off-market in Hamburg?
62% of Hamburg apartment buildings were sold through estate agents in 2025. How many of them were never on a portal is not recorded in the statistics. Properties typically offered without a public listing are:
- Investment apartment buildings (Zinshäuser) from the Gründerzeit and inter-war periods, often family-owned.
- Post-war buildings in need of modernisation.
- Mixed-use buildings with shops on the ground floor.
- Villas and town houses whose sale the neighbours should not notice.
- Plots for multi-storey housing.
Describe what you are looking for in the search above, for example „Zinshaus in Hamburg up to 4 million euros, at least ten units“. More on the property types: Off-market apartment buildings and Off-market investment buildings.
In which Hamburg locations are apartment buildings sold?
The valuation committee divides Hamburg into five location classes, from „poor“ to „preferred“, measured by standard land values. Of the 196 analysed sales without an intention to divide, 87 were in average locations, 42 in good, 31 in preferred, 31 in moderate and 5 in poor locations. The focus is therefore on the middle of the market.
Our anonymous profiles only state the borough or location class. We pass on the address only after the owner has released it.
Do you own an apartment building in Hamburg and want to know who would buy it before you decide? With an anonymous profile you can test demand without tenants or neighbours finding out.
What do owners in Hamburg need to consider when selling?
Conversion requires approval
Hamburg introduced the approval requirement under § 250 Federal Building Code (BauGB) on 13 November 2021. Following the extension of the federal regulation, the Senate adopted a new ordinance on 16 December 2025: it applies from 1 January 2026 to 31 December 2030 to existing buildings with more than five apartments that are to be divided into owner-occupied apartments. In areas with a social preservation ordinance (soziale Erhaltungsverordnung), the Conversion Ordinance (Umwandlungsverordnung) of 8 October 2024 also applies (1 January 2025 to 31 December 2029).
In areas with a social preservation ordinance, buildings with one to five apartments are instead subject to the approval requirement under § 172 BauGB.
This affects the price: if buyers with an intention to divide pay significantly more, but the division has to be approved, the approval question belongs before the purchase contract – not after it.
With family ownership, discretion is often the real reason
If an investment apartment building belongs to a community of heirs or a family, a sale is often not supposed to become known before everyone involved agrees. An anonymous profile with a price and floor-area range answers the question „What is the building worth on the market?“ without an exposé circulating. The process, the documents and the right time to inform the tenants are described on the page Sell an apartment building in Hamburg discreetly.
Gather documents early
Buyers of apartment buildings ask for the tenant list, service charge statement, energy performance certificate, land register extract and information from the register of building encumbrances (Baulastenverzeichnis). Having them ready before the first conversation shortens the buyer’s review.
Not legal or tax advice. The information on conversion approval reflects the position as of 26.10.2026, as far as we were able to verify it. Have your case reviewed by a lawyer or notary (Notar).
How do you buy in Hamburg via diskret.immo?
You create an account and save your search profile. Matching anonymous profiles show the approximate location, property type, price and floor-area range. You receive the exposé as a verified buyer after a confidentiality undertaking and with the owner’s consent, and the address after a conversation about your financing and a further release. As of 31 October 2026: fewer than three released anonymous profiles in Hamburg and 9 active purchase requests that include Hamburg.
How much does an apartment building in Hamburg cost?
On average around €3,300 per square metre of living space (Immobilienmarktbericht Hamburg 2026, sales in 2025). The range is wide: for buildings without an intention to divide, the mean per location class ranged from around €2,200 in moderate to €5,710 in preferred locations.
What multiple do buyers pay for a Hamburg Zinshaus?
On average 22.1 times the annual net rent. In average locations the figure for buildings without an intention to divide was 19.7, in preferred locations 27.1.
May I divide a Hamburg apartment building into owner-occupied apartments?
For more than five apartments you have needed approval under § 250 BauGB since November 2021; in social preservation areas this also applies to smaller buildings under § 172 BauGB. According to a non-official overview, the Hamburg ordinance applies until the end of 2030; please have this checked before you buy.
How many Hamburg apartment buildings are sold without an estate agent?
In 2025, 62% were sold through an estate agent and the rest without one (Immobilienmarktbericht Hamburg 2026). How many of them had previously been publicly listed is not recorded in the statistics.
Will I see the address of a building on diskret.immo?
Not in the anonymous profile. You receive the address only as a verified buyer, after a conversation about your financing and with the owner’s consent. Every access is logged pseudonymously.
Other regions: Berlin · Munich · Frankfurt · Leipzig · Potsdam and surrounding area · all off-market property
- Gutachterausschuss für Grundstückswerte in Hamburg: Immobilienmarktbericht Hamburg 2026 (Berichtsjahr 2025) (German), accessed 26.10.2026, https://dokumente.hamburg.de/resource/blob/1166868/3039802c93be48167a41165fd07eb17b/d-immobilienmarktbericht-2026-data.pdf
- Bezirksamt Altona: § 250 Baugesetzbuch – Genehmigungspflicht für die Bildung von Wohnungseigentum (German), accessed 26.10.2026, https://www.hamburg.de/politik-und-verwaltung/bezirke/altona/themen/planen-bauen-wohnen/stadtplanung/genehmigungspflicht-bildung-wohnungseigentum-52104
- Baugesetzbuch, §§ 172, 250 (German), https://www.gesetze-im-internet.de/bbaug/
René LindelaubManaging Director of IMMOBRA GmbH, estate agent since 2008. Reviewed by IMMOBRA; not legal or tax advice.