Hamburg real estate market in the premium segment: decline in sales of condominiums

The number of sales, however, remained largely stable. A total of 196 condominiums in the premium segment were sold in Hamburg's upscale residential areas. That is only five fewer than in the first half of 2025. Apartments with prices per square meter of at least 10,000 euros as well as properties with a purchase price of one million euros or more were taken into account for the evaluation.

Buyers examine more closely

However, sales fell significantly more than the number of transactions. It fell by 14.3 percent to around 268.4 million euros. The analysis suggests that buyers in the upper market segment are now paying more attention to the relationship between price, location and quality. “The decline in the average price per square meter for premium apartments to 12,355 euros makes it clear that buyers today are checking very carefully whether the price, location and quality of a property match,” says Dahler founder Björn Dahler. Excessive price expectations would make it increasingly difficult to assert themselves on the market. At the same time, there is still a general willingness to buy if properties are offered in line with the market.

The most expensive condominium in the first half of the year was sold in the Eppendorf district of Hamburg. The purchase price was around 6.9 million euros. An apartment in Harvestehude achieved the highest price per square meter at 24,825 euros per square meter. What is also noticeable is the declining proportion of new apartments. Of the 185 premium apartments sold with a known year of construction, only 63 were new buildings. This corresponds to a share of 34.1 percent and is more than ten percentage points below the previous year's figure. Dahler attributes this to high construction costs, long development times and difficult financing conditions. Although the number of approvals has recently improved again, it will still take some time before this is reflected in a larger supply of high-quality new buildings.

Luxury homes are holding their own

While condominiums are under price pressure, the premium segment of single- and two-family homes is more robust. The number of sales rose slightly by 1.8 percent to 174 properties in the first half of the year. At the same time, sales increased by 1.5 percent to 331.7 million euros. The Elbe suburbs remained particularly in demand, accounting for 78 sales. The Alstertal followed with 55 transactions. Of the total houses sold, 32 cost at least 2.5 million euros. One property even exceeded the seven million euro mark. The most expensive house was also sold in Eppendorf. The purchase price was 7.5 million euros.