Market data
Central Germany and Berlin
Market data
We buy where we know the market from first-hand experience. Here you will find the key figures for our core regions – rent levels, purchase prices, vacancy and home-ownership rates – together with our own assessment.
Rent, vacancy, ownership: 2022 Census (15 May 2022) · Purchase prices: German Property Market Report 2025 · Page last updated: August 2026
Halle (Saale)
Saxony-Anhalt
- Average net cold rent
- 5,92€/m²
- Purchase price, existing flats
- 2.140€/m²
- Home-ownership rate
- 16,8%
- Vacancy rate
- 7,7%
Saxony-Anhalt’s largest housing market, with steady demand from the university, the hospital and public administration. At 7.7 % the vacancy rate is above the national figure, but it is heavily concentrated in unrenovated stock away from the better locations. In 2024 apartment buildings traded at an average of 1,250 €/m² of living space.
Leipzig
Saxony
- Average net cold rent
- 6,44€/m²
- Purchase price, existing flats
- 2.790€/m²
- Home-ownership rate
- 13,5%
- Vacancy rate
- 4,4%
The growth market of the region: around 599,000 inhabitants and, at 4.4 %, the lowest vacancy rate of our Central German locations. Purchase prices and rents are well above Halle, and current yields correspondingly lower. We buy here selectively and with a close eye on location and refurbishment status.
Berlin
Berlin
- Average net cold rent
- 7,67€/m²
- Purchase price, existing flats
- 4.500€/m²
- Home-ownership rate
- 16,3%
- Vacancy rate
- 2,0%
The benchmark market for price and rent levels: 4,500 €/m² for second-hand owner-occupied flats at a vacancy rate of just 2.0 %. At the same time the census figure of 7.67 €/m² for existing tenancies shows how far existing rents and new-letting rents diverge. For us this is above all a yardstick, less an acquisition focus.
Merseburg
Saxony-Anhalt, Saalekreis district
- Average net cold rent
- 5,46€/m²
- Purchase price, existing flats
- 1.180€/m² (district)
- Home-ownership rate
- 26,5%
- Vacancy rate
- 9,4%
A university and industrial location in the Saalekreis district, around 15 minutes by car from Halle. Vacancy rate 9.4 %, existing-tenancy rent 5.46 €/m². The price level in the Saalekreis is around 1,180 €/m² – refurbishment only pays off here with a robust calculation.
Weißenfels
Saxony-Anhalt, Burgenlandkreis district
- Average net cold rent
- 5,24€/m²
- Purchase price, existing flats
- 760€/m² (district)
- Home-ownership rate
- 38,0%
- Vacancy rate
- 11,9%
The highest vacancy rate of our locations (11.9 %) combined with the highest home-ownership rate (38.0 %). Rented housing stock has to be acquired very selectively here: location, building quality and tenant structure matter more than anywhere else.
Naumburg (Saale)
Saxony-Anhalt, Burgenlandkreis district
- Average net cold rent
- 5,50€/m²
- Purchase price, existing flats
- 760€/m² (district)
- Home-ownership rate
- 36,0%
- Vacancy rate
- 7,6%
A World Heritage town with steady inward migration from the surrounding area and, for the region, an above-average rent level of 5.50 €/m². At 7.6 % the vacancy rate is lower than in Merseburg and Weißenfels. Listed period building stock shapes the market and calls for experience in refurbishment and public funding.
All locations compared
| Location | Inhabitants | Average net cold rent €/m² | Flat purchase price €/m² | Home-ownership rate | Vacancy |
|---|---|---|---|---|---|
| Halle (Saale) | 226.586 | 5,92 | 2.140 | 16,8 % | 7,7 % |
| Leipzig | 598.899 | 6,44 | 2.790 | 13,5 % | 4,4 % |
| Berlin | 3.596.999 | 7,67 | 4.500 | 16,3 % | 2,0 % |
| Merseburg | 33.302 | 5,46 | 1,180 * | 26,5 % | 9,4 % |
| Weißenfels | 38.228 | 5,24 | 760 ** | 38,0 % | 11,9 % |
| Naumburg (Saale) | 31.864 | 5,50 | 760 ** | 36,0 % | 7,6 % |
| Germany (comparison) | — | 7,28 | — | 44,3 % | 4,3 % |
* Figure for the Saalekreis district. ** Figure for the Burgenlandkreis district. No separate purchase price figures are published for these towns.
Our assessment
Between Berlin and the Burgenlandkreis there is a gap of around 3,700 euros per square metre in purchase prices – but only 2.43 euros in rent levels. This spread is precisely the core of our approach: where purchase prices fall sharply while rents do not fall to the same degree, current yields arise that are no longer achievable in the top-tier cities. The price for this is vacancy risk – 11.9 % in Weißenfels compared with 2.0 % in Berlin. We therefore do not buy „the region“, but individual properties in locations we know from first-hand experience, focusing on stock that can be refurbished and on viable tenant structures. Halle and Leipzig form the stable foundation, while Merseburg, Naumburg and Weißenfels represent the yield side of the portfolio.
It is precisely in these markets that we also bundle properties into portfolio companies, which we establish together with institutional investors and family offices: Co-Investing.
Methodology and sources
Net cold rent: 2022 Census, table 4000W-0004 „Housing indicators: average net cold rent“, reference date 15 May 2022, municipality level, in euros per m² of living space. These are rents for existing tenancies across all rented dwellings, not asking rents for new lettings; the latter are generally higher. Germany overall: 7.28 €/m².
Vacancy and home-ownership rate: 2022 Census, table 4000W-0001 „Housing indicators: vacancy rate and home-ownership rate“, reference date 15 May 2022, municipality level. Germany overall: vacancy rate 4.3 %, home-ownership rate 44.3 %.
Inhabitants: 2022 Census, table 1000A-0001 „Persons: population figures and area (municipalities)“, reference date 15 May 2022. All census data: © Statistical Offices of the Federation and the Länder, licensed under Data Licence Germany – Attribution – Version 2.0.
Purchase prices: Living-space prices for second-hand owner-occupied flats in 2025 from the German Property Market Report published by the working group of the higher expert committees on property valuation (AK OGA) together with the Federal Institute for Research on Building, Urban Affairs and Spatial Development (BBSR). Berlin, Leipzig and Halle (Saale) at the level of the independent city. * Merseburg: figure for the Saalekreis district. ** Weißenfels and Naumburg (Saale): figure for the Burgenlandkreis district – no separate figures are published for these towns.
Apartment buildings: Expert committee on property values in Saxony-Anhalt, „Turnover and prices“ (published 5 June 2025), average living-space prices for 2024: Halle (Saale) 1,250 €/m², Saalekreis 670 €/m², Burgenlandkreis 635 €/m², Saxony-Anhalt overall 797 €/m².
Purchase price multipliers and property yield rates: deliberately not stated as a blanket key figure. We derive property-specific multipliers and yield rates on a case-by-case basis from the land market reports of the relevant expert committees. A multiplier derived solely from existing rent and purchase price would be misleading, because existing rents and market rents diverge widely, particularly in Berlin.
All figures are average or median values for entire cities or districts. They are intended as a guide and do not replace a valuation in the individual case. What matters is always the property-specific review.
Direct acquisition
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