Berlin €5,800/m² (+2.8%), Munich €8,860/m²: H1 2026 rents and yields

What moved in H1 2026

JLL’s H1 2026 living market overview reports that Berlin’s median asking price for condominiums rose by 2.8% to €5,800 per square metre, and Munich’s by 2.2% to €8,860 per square metre. Within the new‑build segment, JLL records €8,140/m² in Berlin (+5.4% y/y) and €10,810/m² in Munich (−4.2% y/y). On rents, JLL places median new‑build asking rents at €21.92/m² per month in Berlin and €26.48/m² in Munich in H1 2026. These are segment‑consistent figures suitable for basic yield maths. ([jll.com](https://www.jll.com/de-de/insights/market-perspectives/germany-living))

For broader context, Germany’s official house price index shows a modest national increase in Q1 2026, with the big‑city composite up only 0.3% year‑on‑year, consistent with the picture of stabilisation rather than a sharp rebound. Platform data also indicate that Berlin passed the €21/m² marker for new‑build asking rents in early 2026. Methodologies differ, but the direction of travel—moderate rental growth with mixed price trends by sub‑segment—appears in several datasets. ([destatis.de](https://www.destatis.de/DE/Presse/Pressemitteilungen/2026/06/PD26_219_61262.html?nn=2110&utm_source=openai))

Gross yields now: clean, like‑for‑like maths

Using new‑build asking rents and new‑build asking prices keeps segments aligned. We calculate gross initial yield as annualised net cold rent per m² divided by purchase price per m². This ignores vacancy, non‑recoverable costs, and taxes—use it only as a first filter.

Munich new‑build: €26.48/m² per month × 12 = €317.76/m² per year. Divide by €10,810/m² purchase price. Gross yield ≈ 2.94%.

Berlin new‑build: €21.92/m² per month × 12 = €263.04/m² per year. Divide by €8,140/m² purchase price. Gross yield ≈ 3.23%.

All inputs are from JLL’s H1 2026 city data. These are headline, pre‑cost yields; financing and transaction costs will reduce the net figure. ([jll.com](https://www.jll.com/de-de/insights/market-perspectives/germany-living))

Are yields widening or compressing?

Munich new‑build yields have widened on these inputs. JLL reports new‑build prices down 4.2% y/y in H1 2026 while new‑build asking rents rose 0.8% y/y. Using those growth rates, a back‑cast implies c. 2.79% a year earlier versus c. 2.94% now—about +0.15 percentage points. This is an approximation using JLL’s price and rent series for Munich. ([jll.com](https://www.jll.com/de-de/insights/market-perspectives/germany-living))

Berlin is less clear because JLL provides the level (€21.92/m²) but not a city‑specific y/y change for new‑build rents on that page. JLL does show new‑build prices up 5.4% y/y. ImmoScout24’s Q1 2026 cockpit shows Berlin new‑build asking rents at €20.98/m², +3.7% y/y. If Berlin’s H1 rent growth was in that ballpark while prices rose 5.4%, gross yields would have compressed slightly (on the order of 0.05 percentage points in our simple maths). Treat this as indicative only; datasets and definitions differ (median vs reference objects; half‑year vs quarter). ([jll.com](https://www.jll.com/de-de/insights/market-perspectives/germany-living))

For existing‑stock rentals, JLL notes a −4.2% y/y dip in Berlin’s new‑lease „Bestandsmieten“, underlining how affordability and regulation can mute rent momentum even when for‑sale prices tick up. This divergence can matter for cap‑rate formation if exit pricing follows for‑sale comparables while NOI follows regulated rent paths. ([jll.com](https://www.jll.com/de-de/insights/market-perspectives/germany-living))

Rent caps and new‑build exceptions you need to know

Berlin applies the federal Mietpreisbremse (rent cap on first lets of existing units) across the whole city from 1 January 2026 to 31 December 2029. The core rule in §556d BGB limits the initial rent on re‑lets to the local reference rent plus 10%. The Federal Constitutional Court dismissed a constitutional complaint against the framework in January 2026. ([berlin.de](https://www.berlin.de/rbmskzl/aktuelles/pressemitteilungen/2025/pressemitteilung.1615170.php?utm_source=openai))

Two important exceptions under §556f BGB: first lettings of new buildings (first use and first letting after 1 October 2014) and first lettings after comprehensive modernisation are outside the rent cap. Berlin’s official guidance and city welcome portal explain these carve‑outs and the landlord’s duty to disclose when invoking an exception. These exceptions are why new‑build asking rents can track market willingness to pay more closely. ([gesetze-im-internet.juris.de](https://www.gesetze-im-internet.juris.de/bgb/__556f.html?utm_source=openai))

Transaction costs that hit net yields

Gross yields above ignore purchase costs. The property transfer tax (Grunderwerbsteuer) differs by state: Berlin levies 6% and Bavaria (Munich) 3.5% of the consideration. These rates apply to transfers of German real estate under the federal GrEStG, with collection by the state tax offices. Brokerage fees on purchases of apartments and single‑family houses have been subject to mandatory sharing since 23 December 2020; the buyer’s share may not exceed the seller’s under §§656c–656d BGB. The actual commission rate is negotiable. Factor these items and notarial/land registry fees into your underwriting before comparing net yields across cities. ([service.berlin.de](https://service.berlin.de/dienstleistung/325323/?utm_source=openai))

How to use this as a foreign buyer

- Keep segments aligned. If you underwrite on new‑build asking rents, use new‑build asking prices when estimating yield. - Check building‑by‑building. Berlin’s official valuer (Gutachterausschuss) publishes transaction evidence; consult a sworn surveyor (öffentlich bestellter Sachverständiger) for asset‑level pricing. - Confirm regulatory fit. If you plan to re‑let, ask a local landlord‑tenant lawyer whether the unit will be captured by Berlin’s rent cap rules or qualifies for an exception. - Budget full purchase costs. Confirm property transfer tax with the state tax office, agree commission in writing, and have your notary outline all fees before signing. This article is information only. It is not investment, tax or legal advice. Hire a Notar for closings, a Steuerberater for taxes, and a lawyer versed in Mietrecht if you will be a landlord. ([berlin.de](https://www.berlin.de/gutachterausschuss/aktuelles/?utm_source=openai))