Property type · Multi-family houses
Multi-family houses: prices, rents and property yields
Price index for multi-family houses by space type, plus capital values, new-lease rents and property yields for Munich and rent development in the consumer price index.
Data as of: 10 Oct 2026 · updated daily from the time series databases of the sources
Key figures
Current developments
Price index
Prices for multi-family houses by space type
Commercial property price index of the Bundesbank (2022 = 100), smoothed, broken down by the spatial types of the regional statistical spatial typology (RegioStaR).
Multi-family house price index Germany
2022=100
- Multi-family houses98.6Q2 2026 · approx. +1.6 % vs. prior year
Multi-family houses: change vs. same quarter of prior year
% vs. prior year
- Multi-family housesrd. +1.6 %vs. prior year · Q2 2026
Multi-family houses by space type
2022=100
- Metropolises98.4Q2 2026 · approx. +2.1 % vs. prior year
- Regiopoles and large cities97.5Q2 2026 · approx. +3.1 % vs. prior year
- Central cities, medium-sized towns102.3Q2 2026 · approx. +2.3 % vs. prior year
- Urban areas96.2Q2 2026 · approx. −3.0 % vs. prior year
Multi-family houses: metropolises and rest of Germany
2022=100
- Metropolises98.4Q2 2026 · approx. +2.1 % vs. prior year
- Germany excluding major cities98.9Q2 2026 · approx. +1.4 % vs. prior year
- Germany98.6Q2 2026 · approx. +1.6 % vs. prior year
Multi-family houses by space type: change vs. same quarter of prior year
% vs. prior year
- Metropolisesrd. +2.1 %vs. prior year · Q2 2026
- Regiopoles and large citiesrd. +3.1 %vs. prior year · Q2 2026
- Small-town and rural areasrd. −1.7 %vs. prior year · Q2 2026
Multi-family houses compared with other property types
2022=100
- Multi-family houses98.6Q2 2026 · approx. +1.6 % vs. prior year
- Office87.7Q2 2026 · approx. −1.2 % vs. prior year
- Retail88.1Q2 2026 · approx. −0.2 % vs. prior year
- Commercial property overall93.1Q2 2026 · approx. +0.4 % vs. prior year
Multi-family houses: annual values by space type
2022=100
- Metropolises96.92025 · approx. +3.2 % vs. prior year
- Regiopoles and large cities95.02025 · approx. +1.5 % vs. prior year
- Central cities, medium-sized towns99.62025 · approx. +2.7 % vs. prior year
- Urban areas99.12025 · approx. +4.6 % vs. prior year
Multi-family houses in the seven largest cities
2022=100
- Seven largest cities99.6Q2 2026 · approx. +2.2 % vs. prior year
- Germany98.6Q2 2026 · approx. +1.6 % vs. prior year
Munich: capital value, new-lease rents and property yield
2022=100
- Capital value99.3Q1 2026 · approx. +3.9 % vs. prior year
- New-lease rents115.8Q1 2026 · approx. +2.8 % vs. prior year
- Property yield (Liegenschaftszinssatz)116.5Q1 2026 · approx. −1.1 % vs. prior year
Rents in the consumer price index
% vs. prior year
- Actual rental payments (HICP)2.20 %Aug 2026 · +0.10 percentage points vs. prior year
- Consumer prices overall3.30 %Sep 2026 · +0.90 percentage points vs. prior year
Net cold rent index Bavaria
Index
- Net cold rents Bavaria113.1Q2 2026 · approx. +2.0 % vs. prior year
Multi-family houses and mortgage rates
Index
- Multi-family house price index (left)98.6Q2 2026 · approx. +1.6 % vs. prior year
- Mortgage rates over 10 years (right)4.04 %Aug 2026 · +0.31 percentage points vs. prior year
Context
Multi-family houses in valuation
The market value is determined under § 194 BauGB by the price that could be achieved in the ordinary course of business on the valuation date. Decisive are the general value conditions on the valuation date: the totality of circumstances relevant to price formation, such as the general economic situation, capital market conditions and the economic and demographic developments of the area (§ 2 para. 2 ImmoWertV). They enter the valuation procedure through the input data and the market adjustment (§ 7 ImmoWertV).
Income-producing properties are valued using the income approach (§§ 27 to 34 ImmoWertV). The property yield is the interest rate at which the market value of properties of the respective type is on average customarily remunerated (§ 21 para. 2 ImmoWertV); it is derived by the expert committee from purchase prices and the associated net income. If prices rise with unchanged income, the property yield falls, and vice versa. The price index therefore shows in which direction property yields are likely to have moved since the evaluation period of the market report.
Market-achievable income (§ 27 para. 1, § 31 para. 2 ImmoWertV) is to be derived from rent indices and comparable rents; the rent indices on this page only show the general direction. Management costs under Annex 3 ImmoWertV can be calculated with the Management cost calculator, present value factors under § 34 ImmoWertV with the Present value factor calculator.
Questions and answers
Frequently asked questions
Briefly answered, with source reference.
What does the price index for multi-family houses show?
The development of purchase prices of multi-family houses as investment properties, quarterly and smoothed, by space type. It is part of the commercial property price index in the Bundesbank indicator system.
How are the price index and the property yield related?
The property yield (Liegenschaftszins) results from the ratio of net income to purchase price (§ 21 para. 2 ImmoWertV). If prices fall faster than rents, property yields rise; if prices rise faster, they fall.
Why do metropolises develop differently from rural areas?
In metropolises, price-to-rent multiples are higher and prices react more strongly to interest rate changes. In rural areas, initial yields are higher and fluctuations smaller.