Germany's housing market has shown surprising resilience in early 2026, though rising mortgage costs and affordability challenges point to a testing period ahead. Structural supply shortages remain the key factor supporting current valuations.
Key Takeaways
- 1.The German housing market has shown unexpected resilience to geopolitical tensions and rising rates in Q1 2026.
- 2.Mortgage lending data reveals underlying fragility, with demand sensitive to rising financing costs.
- 3.Structural undersupply provides a floor for the market, counteracting affordability pressures.
Table of Contents
- The German housing market has withstood the geopolitical storm, so far
- House prices compared to recent peak and trough levels
- Challenging outlook, with structural support in place
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Authors
Carsten BrzeskiFranziska Biehl
Themes
Geopolitical RiskHousing Market AffordabilitySupply Constraints
Regions
EuropeGermany
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