Lakeside locations have always been among the most exclusive places to live. For many people, a home by the lake is more than just an address—it represents a special retreat, a high quality of life, and long-term value retention. Consequently, interest in real estate in Germany’s coveted lake regions remains high, even though supply is naturally limited. But how do these market conditions affect purchase prices? In this year’s Lake Report, the experts at VON POLL IMMOBILIEN analyzed the trend in purchase prices1 for residential real estate2 around Germany’s most beautiful and well-known lakes3 in the first half of 2026 compared to the first half of 2025 and examined the highest prices recorded at each of the various lakes in 2026.
“Hardly any other real estate segment epitomizes uniqueness, exclusivity, and long-term value as much as a property with a view of Germany’s most popular lakes. The limited supply, combined with high demand and exceptional appeal, makes waterfront real estate a distinct market segment that often stands apart from general price trends. While the real estate market as a whole has changed in recent years, homes and apartments in sought-after lakefront locations remain particularly attractive to many prospective buyers and investors. At the same time, prices are trending differently depending on the region. Nevertheless, a clear trend can be identified here: In 17 of the 23 lake regions analyzed, prices for residential property continued to rise even in 2026.'
Unsurprisingly, Bavaria’s Lake Tegernsee once again takes the top spot among the lake regions analyzed in Germany: Anyone interested in purchasing residential property on Lake Tegernsee should expect an average price per square meter of 9,876 euros in the first half of 2026. The maximum asking price per square meter of residential space on Lake Tegernsee was as high as 14,970 euros during the analyzed period, making it the highest value in the entire ranking. Two other lakes in Bavaria follow at a considerable distance: Lake Starnberg at €8,718/m2 and Lake Ammer at €7,372/m2. Here, too, the highest prices achieved—€11,877/m² and €9,743/m², respectively—were significantly above the average prices. Due to the already very high price level, real estate prices here have risen only slightly compared to the same period last year—by 2.9 percent at Lake Tegernsee, and by 1.5 percent each at Lake Starnberg and Lake Ammer.
Fig.: Average purchase prices and highest prices for residential properties around Germany’s most beautiful and well-known lakes, 1st half of 2026 vs. 1st half of 2025 (Graphic: by Poll Immobilien GmbH)
“A unique feature of Lake Tegernsee is that very few privately owned properties have direct access to the lake. Consequently, such properties come onto the market only extremely rarely and are absolute rarities. The micro-location, proximity to the lake, the view, and the property’s overall quality of living continue to have the greatest influence on the purchase price. Quiet locations with high quality and good infrastructure are particularly in demand. Energy efficiency is also becoming increasingly important. In addition, current regulations governing the use of second homes influence demand. Today, buyers are doing significantly more research into the potential uses a property offers and whether it is subject to any relevant restrictions. Today, the market is primarily shaped by buyers who view Tegernsee as a long-term, high-quality place to live or as their primary residence.'
On Bavaria’s Königssee, the price for a lakeside residential property is approximately 6,993 €/m2, at Berlin’s Wannsee, 6,247 €/m2, at Bavaria’s Eibsee and Chiemsee, 6,221 €/m2 and 5,826 €/m2, respectively, on Lake Constance in Baden-Württemberg, 5,352 €/m2, and on Öjendorfer See in Hamburg, 4,880 €/m2. Notable peak prices compared to the average prices were achieved here in particular at Wannsee at 8,765 €/m2 and at Eibsee at 8,912 €/m2.
“Properties with direct waterfront locations generally demonstrate significantly greater value stability. While the general residential real estate market is more heavily influenced by financing costs and economic conditions, true waterfront locations maintain their special status. Unique features such as direct access to the water and a private boat dock remain the key drivers of value and ensure above-average value stability. Even today, premium prices can still be achieved for these rare locations, provided that the asking prices remain reasonable overall. By contrast, a mere lake view or a location near a lake without direct access to the water no longer automatically results in a significant price premium. Those who assess the market realistically and seek professional guidance can achieve very good results even in the current environment.'
It’s also interesting to take a look at regional price trends, which vary considerably in some cases: While average prices per square meter in the first half of 2026 rose by 4.4 percent at Öjendorfer See and by 4.8 percent at Wannsee compared to the same period the previous year, at Eibsee they rose by as much as 8.2 percent—the fourth-highest increase in the analysis. At Lake Constance, however, prices fell slightly by 2.2 percent, and at Lake Chiemsee and Lake Königssee, they dropped by 4.3 percent and 4.9 percent, respectively—making these two lakes the third- and second-highest in terms of price declines in the ranking.
“The market for lakeside real estate remains very stable. High-quality properties in attractive locations are in high demand, even though purchasing decisions are being made more carefully due to higher financing costs. The micro-location—that is, direct lake access, unobstructed lake views, privacy, and lot orientation—continues to have the greatest influence on the purchase price. Aspects such as sustainability and energy efficiency are also gaining in importance. The market is primarily shaped by affluent owner-occupiers, investors, and buyers seeking a primary or secondary residence with a high quality of life. In addition, there are people who, thanks to flexible work models, wish to permanently relocate their primary residence. Demand for purely vacation properties is somewhat more subdued, while residential properties suitable for year-round use have gained in importance. It is also particularly crucial in this segment to target the right buyer group, as the pool of potential buyers is somewhat more limited'
Prospective buyers can find prices per square meter well below the 4,000-euro mark at Lake Brombach in Bavaria at approximately 3,537 euros, at Großer Plöner See in Schleswig-Holstein at 3,341 euros, at Kulkwitzer See in Saxony at 3,340 euros, at Schluchsee in Baden-Württemberg at 3,299 euros, at Steinhuder Meer in Lower Saxony at 3,229 euros, at Großer Stechlinsee in Brandenburg at 3,169 euros, and at Müritz in Mecklenburg-Western Pomerania at 3,088 euros. Only at Brombach Lake did home prices decline slightly by 2.5 percent in the first half of 2026 compared to the same period the previous year—in all other lake regions, there were increases, some of them significant. While residential property prices at Großer Stechlinsee rose by 2 percent, prices in the other lake regions increased by as much as 5.8 percent (Müritz) to 9 percent (Kulkwitzer See). As a result, Lake Kulkwitz and Lake Schluchsee, with increases of 9 percent and 8.6 percent, rank second and third in terms of the strongest price increases.
“Demand for lakeside real estate remains strong—especially since such properties rarely come onto the market. Consequently, these properties are characterized by prices that remain extremely stable or are on the rise. The most active buyer groups in this segment continue to be “best agers,” entrepreneurs, and retirees. Above all, the location and the level of privacy are major factors influencing prices for lakeside properties. Plots with as few direct neighbors as possible, an unobstructed view of the lake, and a west-facing orientation are therefore particularly in demand. At the same time, energy efficiency is becoming increasingly important. Today, buyers are often willing to pay a premium for a combination of an exclusive location, a high degree of privacy, and modern, sustainable amenities. However, sellers currently need to be a bit more patient, as marketing times have lengthened somewhat. Nevertheless, high-quality properties in such special locations remain in extremely high demand.'
Prospective buyers can find properties for between 2,000 €/m2 and 3,000 €/m2 at the following lakes: At Lake Laach in Rhineland-Palatinate, real estate prices amount to around 2,933 €/m2, at Lake Schwerin in Mecklenburg-Western Pomerania at 2,699 €/m2, at Lake Bigge in North Rhine-Westphalia at 2,683 €/m2, at Losheim Reservoir in Saarland at 2,401 €/m2, and at Lake Eder in Hesse at 2,149 €/m2. Here, too, prices rose in most regions: slightly by 1.9 percent at Lake Bigge, by 4.1 percent at Lake Laach, and somewhat more significantly by 6.7 percent and 7.2 percent, respectively, at the Losheim Reservoir and Lake Schwerin. Only at Lake Eder did residential property prices fall by -4 percent.
The lowest prices per square meter for lakeside properties are found at Großer Goitzschesee in Saxony-Anhalt at 1,957 euros and at Bleilochtalsperre in Thuringia at 1,661 euros. Particularly noteworthy: In this price segment, the highest price increase—9.6 percent (Bleilochtalsperre)—coexists with the highest price decrease—7.3 percent (Großer Goitzschesee).
1 The data underlying the purchase price analysis is based on the average listing prices for residential real estate from GeoMap for the first half of 2026 and the first half of 2025 within a five-kilometerradius from the respective lakeshore, as well as adjustments made by VON POLL IMMOBILIEN Research (2026).
2 The term “residential real estate” refers to single-family and two-family homes as well as condominiums.
3 The lakes defined in the 2026 Lake Report are based on an analysis of the ADAC ranking for “Germany’s Most Beautiful Lakes". The list of lakes was expanded to include Lake Tegernsee, Lake Starnberg, and Lake Ammer, as they are among Germany’s best-known lakes.
All data and graphics may be used and published with a reference to the following source: von Poll Immobilien GmbH (www.von-poll.com). The graphic can be downloaded digitally using the embed link here: https://www.datawrapper.de/_/pDPVf/
