{
  "id": 9278965,
  "title": "Studie: Bis zu 25 Prozent tiefer – Immobilienpreise in Frankfurt und München geben nach",
  "url": "https://urgent.news/2026/09/23/studie-bis-zu-25-prozent-tiefer-immobilienpreise-in-frankfurt-und",
  "topic": "business",
  "section": "Business",
  "published": "2026-09-23T05:23:00.000Z",
  "source": {
    "name": "Handelsblatt",
    "slug": "handelsblatt",
    "url": "https://www.handelsblatt.com/finanzen/immobilien/immobilien-immobilienpreise-in-frankfurt-und-muenchen-geben-nach/100256470.html"
  },
  "original_language": "de",
  "account": "Two of Germany's hottest real estate markets, Frankfurt and Munich, have cooled significantly due to rising construction costs and higher interest rates, according to a new study by Swiss bank UBS. Once considered among the world's greatest risks for a real estate bubble, both cities have now fallen into the mid-range. The study, published on Tuesday, examined the risk of a real estate bubble in 23 major metropolitan areas worldwide. Frankfurt now ranks 12th, while Munich holds the 15th position. Despite high property prices, the risk of a bubble in both cities is deemed moderate. Frankfurt has experienced a notable decline in the risk of a real estate bubble, driven by falling property prices, while Munich also shows a moderate bubble risk due to high interest and construction costs slowing down the housing market. Since 2022, home prices in both cities have fallen, adjusted for inflation, by up to 25 percent, while consumer prices have surged and incomes have grown. UBS's \"Global Real Estate Bubble Index\" compares property prices and rents against income and economic developments, looking for significant deviations. The bank also considers household debt levels and the construction market. Overhyping has signaled previous warnings, as seen in the U.S. in 2007/2008, which led to a real estate bubble and the global financial crisis. However, UBS sees only minor, localized bubbles in the near future, not larger regional crises. Worldwide, the bubble risk remains relatively unchanged, but there are notable concerns in three cities: Zurich, Tokyo, and Miami. The greatest risk of a real estate bubble currently appears to be in Zurich, followed by Tokyo and Miami. UBS sees the lowest risk in São Paulo, San Francisco, and New York. Paris and London are at the bottom of the index, which has been calculated for the 12th time in 2026. While property prices are under pressure, rents continue to rise. In Frankfurt and Munich, prices have corrected significantly after a long period of low interest rates, says Maximilian Kunkel, UBS chief analyst in Germany. \"Inflation-adjusted, prices are up to 25 percent below the peaks of 2021 and 2022.\" In Frankfurt, property prices have fallen by three percent in 2025, with higher demand than supply. Zoning and the trend toward smaller households are driving rents up, while high construction and financing costs are slowing new construction. In Munich, property prices have fallen in inflation-adjusted terms by nearly one-quarter from their 2022 record. Rising interest rates have prevented price increases. \"The German housing market has largely dismantled the overvaluations from the low-interest phase,\" says UBS manager Sükriya Aclan. The limited housing supply in Frankfurt and Munich provides solid prospects for long-term buyers. However, a new real estate boom seems unlikely due to rising interest rates. Those considering buying a property for their own use should calculate carefully, as in most metropolitan areas, a newly acquired 60-square-meter apartment now costs more than 40 percent of the gross income of a highly skilled professional. Many places, UBS notes, are more favorable for renting than buying. Particularly Munich highlights this. The Swiss bank also dispels a myth: \"In more than half of the examined cities, housing in the past five years provided no effective protection against inflation,\" the bank writes.",
  "summary": "Frankfurt und München galten lange als anfällig für eine Immobilienblase. Inzwischen hat sich das Bild einer UBS-Studie zufolge gedreht. Das hat mehrere Gründe.",
  "key_points": [
    "Frankfurt and Munich real estate markets cooled 25% since 2022",
    "Rising construction costs and higher interest rates blamed",
    "UBS Global Real Estate Bubble Index shows moderate bubble risk"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}