Price-to-rent ratio by Berlin district, November 2026

Price-to-rent multiplier by district

Series A counts notarised sales of apartment buildings, series B asking prices for freehold flats and asking rents. The two series are not offset against each other. The gap between them is not a negotiation discount, because property type, data basis and period differ.

A: Guthmann Estate, map dataset “apartment buildings” based on the transaction data of the Committee of Valuation Experts for Berlin, as of 13/10/2026 (updated on 28/10/2026, retrieved on 03/11/2026). Not official. “No value in the source” means the source gives no value for this district. The notarised purchase price per m² is available for Berlin as a whole only. Marzahn-Hellersdorf is based on 15 sales and is correspondingly uncertain.
B: Investitionsbank Berlin, IBB housing market report 2025, table volume tab. 25 (asking rents, median) and tab. 27 (asking prices for owner-occupied flats by price bracket); the purchase price is a median interpolated linearly from the price brackets, our own calculation at BBI, not an IBB value. * Spandau: the median lies in a price bracket that is open at the bottom and is less certain.
Official: the Committee of Valuation Experts publishes ratios for apartment buildings only for Berlin as a whole or by area group, not by district; hence “no official value”.

Official comparison value

In its capitalisation rates 2026 (reference date 31/12/2025, Official Gazette for Berlin no. 47 of 30/10/2026), the Committee of Valuation Experts for Berlin reports a ratio of purchase price to annual net rental income of 23.5 on average for apartment buildings and mixed residential and commercial buildings. This is based on 635 sales from the years 2023 to 2025. 90 percent of the cases lie between 17.3 and 31.9. The mean purchase price is 2,286 euros per m² of residential and usable floor area, the mean rent 8.22 euros per m² per month (table 12). In the previous year's edition (sales 2022 to 2024) the mean was 26.6.

Recalculated: 2,286 ÷ (8.22 × 12) = 2,286 ÷ 98.64 = 23.2. The official value of 23.5 is the mean of the individual ratios, not the quotient of the means, which is why the two differ slightly. The official value is a mean over three years, the value 20.9 from series A an average for 2026. The two are not directly comparable.

Method and formula

Formula: price-to-rent multiple = purchase price ÷ annual net cold rent. The annual net cold rent is the monthly rent excluding service charges times twelve. Per m²: multiple = purchase price per m² ÷ (rent per m² per month × 12).

• Series A (notarised): average of the multiples from purchase contracts for apartment buildings (“Avg. purchase price factor” at Guthmann Estate), evaluated by Guthmann Estate on the basis of the transaction data of the Committee of Valuation Experts. BBI adopts the values unchanged and adds no calculation of its own.
• Series B (asking): median of the asking prices for freehold flats (linearly interpolated from the price bands of IBB table 27) divided by the median asking monthly rent (IBB table 25) times twelve. The IBB itself does not publish a multiple.
• Worked example Berlin: 5,789 ÷ (15.78 × 12) = 5,789 ÷ 189.36 = 30.6.
• Worked example Lichtenberg: 5,550 ÷ (13.33 × 12) = 5,550 ÷ 159.96 = 34.7.
• Yield: 100 ÷ multiple gives the gross initial yield before all costs. At 20.9 this is 100 ÷ 20.9 = 4.8 per cent.

All series B multiples have been recalculated by script from purchase price and rent and match the table to one decimal place. The report contains no forecast and does not replace an individual valuation.

Change on the previous month

Compared with the October 2026 edition (source as of 13/10/2026), Guthmann Estate has extended series A to 13/10/2026. The number of recorded sales rose from 361 to 490, the Berlin value fell from 21.1 to 20.9. Both figures are annual values for 2026 up to the respective date; the change mainly reflects the added sales, not a price movement within one month.

• Up: Spandau from 17.0 to 19.0, Charlottenburg-Wilmersdorf from 24.5 to 24.6.
• Down: Friedrichshain-Kreuzberg from 23.7 to 22.7, Pankow from 22.0 to 21.1, Neukölln from 20.5 to 19.6.
• Unchanged: Mitte (20.7), Lichtenberg (18.1), Reinickendorf (16.2) and Marzahn-Hellersdorf (15.9).
• Series B: unchanged, IBB has not yet published a new housing market report.
• Official value: new from the capitalisation rates 2026, 23.5 instead of 26.6.

Compared with the previous year, the source gives for series A: Charlottenburg-Wilmersdorf plus 0.6, Spandau plus 0.4, Lichtenberg minus 4.9, Reinickendorf minus 4.1; Berlin overall from 22.4 (2025) to 20.9 (Guthmann Estate, as of 13/10/2026).

How to cite and data

For individual values, please also cite the primary source of the respective series (Guthmann Estate based on data of the Committee of Valuation Experts, IBB housing market report 2025 or Berlin Committee of Valuation Experts). The asking-price values (series B) and the official comparison value are available as a CSV file (semicolon, decimal comma, UTF-8). The series A values are only in the table above; their reuse is subject to the terms of Guthmann Estate. BBI Immobilien's own compilation and calculation is licensed under Creative Commons Attribution 4.0 (CC BY 4.0); the rights of the primary sources remain unaffected.

Sources

• Guthmann Estate, Market Intelligence Berlin, Apartment Buildings: average multiple and sales by district, average transaction price 2,350 euros per m², as of 13/10/2026 (updated on 28/10/2026), data basis Committee of Valuation Experts for Berlin, retrieved on 03/11/2026: guthmann.estate
• Investitionsbank Berlin, IBB housing market report 2025: report page and table volume (PDF), table 25 (asking rents by district) and table 27 (asking prices for freehold flats by price band); multiples own calculation
• Berlin Committee of Valuation Experts, capitalisation rates 2026 (PDF), reference date 31/12/2025, table 12, Official Gazette for Berlin no. 47 of 30/10/2026
• Berlin Committee of Valuation Experts, market information and property market report on berlin.de

More figures: price-to-rent multiple Berlin 2026, Berlin housing market report, market data at a glance.