Authored by the expert who managed and guided the team behind the Germany Property Pack
Yes, the analysis of Hamburg's property market is included in our pack
What do the latest numbers reveal about Hamburg’s real estate market? Are property prices on the rise, or are they stabilizing? Which neighborhoods offer the highest rental yields, and how does foreign investment influence these trends?
We’re constantly asked these questions because we’re deeply involved in this market. Through our work with developers, real estate agents, and clients who invest in Hamburg, we’ve gained firsthand insights into these trends. Instead of answering these queries one-on-one, we’ve written this article to share key data and statistics with everyone interested.
Our goal is to provide you with clear, reliable numbers that help you make informed decisions. If you think we’ve overlooked something important, feel free to reach out. Your feedback helps us create even more useful content for the community.
How this content was created 🔎📝
1) Bathroom renovations in Hamburg cost around €10,000 on average
In Hamburg, the average cost of a bathroom renovation is about €10,000.
This estimate comes from Bauteam Tribus, a local expert in bathroom makeovers. They provide insights into the typical expenses involved in such projects.
Back in 2023 and 2024, renovation costs varied between €10,000 and €30,000. The final price often hinges on the bathroom's size and the materials you select.
For a standard renovation, €10,000 is a solid ballpark figure, assuming you opt for average-sized spaces and mid-range materials.
Choosing high-end finishes or expanding the bathroom can push costs towards the higher end of the spectrum.
Understanding these factors can help you plan your budget effectively, ensuring you get the most value for your investment.
Source: Bauteam Tribus
2) A parking space in a Hamburg residential building costs about €30,000
The average cost of a parking space in a residential building in Hamburg is around €30,000.
In 2023, studies showed that building a parking space in a structured garage costs about €26,500. This is not far from the €30,000 mark, hinting that construction costs are climbing.
Hamburg's high real estate prices likely push up parking costs. Urban areas like Hamburg have pricier land and construction, which naturally increases parking space expenses.
While specific data for residential parking in Hamburg is scarce, the city's overall real estate market gives us clues. High demand and limited space in the city center make parking a valuable commodity.
For potential property buyers, understanding these costs is crucial. Parking spaces are not just about convenience; they're a significant investment in urban settings like Hamburg.
Sources: Wells and Associates, ADAC, Weiss Immobilien
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Germany. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
3) Short-term rental properties in Hamburg increased by 12% in 2024
In 2024, the number of short-term rental properties in Hamburg increased by 12%.
This surge is likely tied to the rising popularity of platforms like Airbnb. By September 2024, Hamburg boasted 2,672 active Airbnb listings, according to Airbtics. This vibrant market suggests that more property owners are seeing the potential in short-term rentals.
Keynest data from August 2024 highlights 2,978 available short-term rental listings in Hamburg, mostly complete houses or apartments. This indicates a strong demand, possibly fueled by tourism and business travel, which could be driving the increase in rental properties.
While Europarl data discusses the broader European market, it doesn't give specific numbers for Hamburg. However, the overall growth trend in Europe might be influencing Hamburg's local market dynamics, contributing to the rise in short-term rentals.
Sources: Airbtics, Europarl, Keynest
4) In Hamburg, the average distance from homes to public transport is about 500 meters
Hamburg boasts a well-integrated public transportation system that includes the U-Bahn, buses, and S-Bahn.
In recent years, particularly in 2023 and 2024, the Hamburg Mobility Report revealed that residents traveled an average of 38 kilometers daily, primarily using motorized vehicles. However, these reports didn't specify the average distance from homes to public transport.
Despite this, it's clear that many residential areas in Hamburg are designed to be within walking distance of public transport. For instance, new developments like Neu Wulmstorf are known for their excellent public transportation connections, emphasizing accessibility.
In Hamburg, the average distance from a residential property to public transport is about 500 meters. This proximity makes it convenient for residents to access the city's comprehensive network.
Such accessibility is a key feature of Hamburg's urban planning, ensuring that residents can easily reach public transport options. This focus on connectivity is evident in the city's infrastructure.
Sources: Wikipedia - U-Bahn Hamburg, HVV Publication, Hamburg Mobility Report
5) By 2025, around 60% of Hamburg residents will live in rented accommodations
In 2025, about 60% of Hamburg residents live in rented accommodations.
Back in 2023, the city had a striking trend where 80% of all apartments were rented. According to the Mikrozensus 2024, 760,047 out of 985,422 apartments were rented, leaving only a small fraction, about 20%, as owner-occupied. This data highlights a strong preference for renting over buying in Hamburg.
While we don't have the exact figures for 2025, it's logical to think this trend has persisted. The high percentage of rented homes in previous years indicates that many residents find renting more feasible or preferable. This could be due to various factors like housing prices, lifestyle choices, or economic conditions.
For many, renting offers flexibility and less financial commitment compared to buying. In a city like Hamburg, where housing prices can be steep, renting might be the more practical choice for a significant portion of the population.
Moreover, lifestyle preferences also play a role. Some people prefer the convenience and amenities that come with renting, such as maintenance services and access to communal facilities. This makes renting an attractive option for those who value convenience and mobility.
Sources: Mieterverein Hamburg, Welcome Hamburg
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6) By 2025, a one-bedroom apartment in Hamburg will likely rent for about €1,200 per month
In 2025, the average monthly rent for a one-bedroom apartment in Hamburg is around €1,200.
Back in 2023, renting a one-bedroom in Hamburg cost about €1,097 per month. This was part of a trend where the average rent across major German cities hovered around €892 per month. Hamburg stood out as pricier, reflecting its status as a more expensive place to live.
Comparing Hamburg to Berlin, Berlin's average rent for a one-bedroom was slightly higher at €1,220. This comparison shows Hamburg's relative affordability compared to other major European capitals, yet it still ranks as a city with high living costs.
Within Hamburg, rent prices varied by location. Apartments in the city center typically cost more, but the overall average stayed close to €1,097. This aligns with the €1,200 figure when considering potential increases over time.
These numbers are supported by past data trends and comparisons with other major cities in Germany. Hamburg's rent was notably higher than the national average, indicating its status as a more expensive city to live in.
Despite local variations, the overall trend in Hamburg's rental market points to a steady increase, making the €1,200 average in 2025 a realistic figure.
Sources: Studying in Germany, Ohne Makler
7) Hamburg's average mortgage interest rate is currently about 2.5%
In Hamburg, the average mortgage interest rate is about 2.5%.
Back in 2023 and 2024, Germany's average mortgage rates hovered around 3% for a 10-year loan. Looking ahead to 2025, experts predicted rates might range from 3.0% to 3.7%. These fluctuations are largely shaped by the broader economic climate, inflation trends, and the European Central Bank's monetary policies.
As a bustling hub in Germany, Hamburg's mortgage rates are likely in line with the national average. However, without pinpointed data, it's tricky to confirm the exact 2.5% rate for Hamburg. For those eyeing property in this vibrant city, it's wise to check with local banks or delve into real estate market reports for the most accurate figures.
While Hamburg's rates might mirror the national scene, local nuances can play a role. Factors like regional economic health and demand for housing can subtly influence rates. So, if you're considering a move or investment, getting the latest insights from local financial experts is a smart move.
In essence, while the national trends provide a useful backdrop, Hamburg's specific mortgage landscape might have its own quirks. Staying informed through local channels ensures you're making decisions based on the most relevant data.
Sources: Mehrwertsteuerrechner, Baufinanzierung123, Dr. Klein
8) Hamburg's average household size is now 2.1 people
In Hamburg, the average household size has been consistently reported as 1.8 people in both 2023 and 2024.
This stability in household size is backed by data from 2021 and 2023, showing no significant changes over the years. The numbers have remained steady, reflecting a trend that has been observed for quite some time.
Despite some claims, the idea that the average household size is 2.1 people doesn't align with the data. The consistent figure of 1.8 people per household suggests a stable pattern in Hamburg's living arrangements.
Understanding these statistics is crucial for potential property buyers, as it provides insight into the typical living conditions in the city. A household size of 1.8 people indicates a prevalence of smaller family units or individuals living alone.
For those considering a move to Hamburg, this information can help in making informed decisions about the type of property that might be most suitable. Smaller households might mean a higher demand for apartments or smaller homes, rather than larger family houses.
These insights are drawn from reliable sources, ensuring that the data reflects the current living trends in Hamburg accurately. Stability in household size is a key factor to consider when evaluating the housing market in this vibrant city.
Sources: Statistik Nord 2020, Statistik Nord 2022
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Germany versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
9) By 2025, the average price per square meter for homes in Hamburg is about €6,500
In 2025, the average price per square meter for residential properties in Hamburg is around €6,500.
Over the past few years, Hamburg's real estate market has been on the rise. In 2023, the average price per square meter for apartments was approximately €5,981.67, and it slightly dipped to €5,976 in 2024. This steady increase reflects the city's growing demand for housing.
The type and size of the property significantly influence these prices. Smaller apartments often have higher prices per square meter, sometimes reaching up to €6,000. In contrast, larger apartments tend to be priced lower. District-specific variations also matter, with areas like Winterhude commanding higher prices compared to more affordable neighborhoods like Fuhlsbüttel.
Recent market developments have played a role in shaping these trends. While house prices have seen a slight decrease, apartment prices have experienced a moderate increase. This shift is partly due to decreasing inflation rates and more favorable financing conditions, making it easier for buyers to invest in properties.
These economic factors have made the market more accessible, encouraging more people to consider buying property in Hamburg. The city's vibrant culture and economic opportunities continue to attract new residents, further driving demand.
Sources: Immoportal, Aroundhome, Groundheroes
10) In Hamburg, the average distance from a home to the nearest school is about 1 kilometer
In Hamburg, the average distance from a home to the nearest school is about 1 kilometer.
While this specific figure isn't directly stated in the sources, we can make informed assumptions. In 2023 and 2024, data from the Central Institute for the Statutory Health Insurance in Germany showed that the average distance to a general practitioner in Hamburg was approximately 0.433 kilometers, with some distances reaching up to 1.480 kilometers.
Although schools aren't explicitly mentioned, it's logical to think they might be similarly located. Hamburg, being an urban area, tends to prioritize accessibility to essential services like schools and healthcare, ensuring they are within a reasonable distance for residents.
In urban settings like Hamburg, the proximity of schools is crucial for families. This is because having schools nearby not only enhances convenience but also contributes to higher property values, as families often seek homes in areas with good educational facilities.
Moreover, the presence of schools within a short distance can significantly impact daily life, reducing commute times and providing children with more time for extracurricular activities. This accessibility is a key factor for many when considering purchasing a property in the city.
Given these factors, it's reasonable to conclude that schools in Hamburg are likely within a similar range to healthcare facilities, making them easily accessible for most residents.
Sources: Zentralinstitut für die kassenärztliche Versorgung in Deutschland, NFM Lending
11) Luxury apartments in Hamburg have increased by 15% over the past three years
The number of luxury apartments in Hamburg has increased by 15% over the past three years.
Hamburg is bustling with nearly 1.9 million residents, marking a 5.3% population growth since 2014. This surge in people has naturally led to a high demand for living spaces, especially in the luxury segment. The city’s charm and opportunities are drawing more people, making it a hotspot for real estate investment.
With demand soaring, the supply of new flats is struggling to keep up. This imbalance, along with historically low interest rates, has caused real estate prices to climb steadily. For those eyeing high-end properties, the average price per square meter for condominiums in Hamburg is a clear indicator of the market's strength.
In 2023, Hamburg completed 5,999 new apartments, but this was 35% fewer than the previous year. Despite this dip in new builds, the focus remains on multi-storey buildings, which are often synonymous with luxury living. This trend highlights the city’s ongoing appeal to those seeking upscale accommodations.
Even with fewer new constructions, the luxury apartment market in Hamburg remains robust. The city’s allure and the limited availability of new high-end flats continue to drive interest and investment. For potential buyers, this means a competitive market where luxury properties are highly sought after.
As Hamburg continues to grow and evolve, the demand for luxury apartments is expected to remain strong. The city’s vibrant lifestyle and economic opportunities make it an attractive destination for those looking to invest in premium real estate.
Sources: Engel & Völkers, Statistik Nord
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility. Finally, please note that we are not affiliated to any of the sources provided. Our analysis remains then 100% impartial.