Woelfer Real EstateDüsseldorf
Market analysis

Apartment buildings in NRW 2026: What buyers pay between Düsseldorf and the Ruhr area

Purchase price multiples, yields, rental upside and financing across seven cities. Based on the official 2026 property market reports, with worked examples and clear recommendations for owners.

1 October 202615 min readWoelfer Real Estate

Key takeaways

  • More deals, stable prices: in 2025, 10,642 three- and multi-family houses and mixed-use buildings changed hands in NRW (+13%). Turnover rose by 21% to €8.0bn, while prices in the independent cities rose by only 1%.
  • Still below the peak: according to the valuation committee’s price index, income properties in Düsseldorf are around 16% below their 2022 high.
  • A wide spread: in Düsseldorf buyers pay 22 to 23 times annual rent, in Essen, Duisburg and Oberhausen 15 to 16.5 times. This equals calculated gross initial yields of around 4.4% versus 6.1% to 6.8%.
  • Rental upside: in all seven cities, asking rents are 25% to 44% above the rents at which apartment buildings were sold in 2025.
  • The rent lever: one extra euro of rent per square metre raises the value of a building with 600 m² of living space by around €162,000 in Düsseldorf and around €107,000 in Duisburg.
  • Financing as the acid test: housing loans with more than ten years’ fixed interest cost 4.04% on average in August 2026. Düsseldorf’s net initial yield of around 3.6% is below that; Essen, Duisburg and Oberhausen are above it at 4.5% to 4.8%.
  • Our view: in our base case we expect values to rise by around 3% over the next twelve months, driven by rents rather than multiples. The Ruhr area currently offers the better ratio of yield to financing costs, Düsseldorf the greater capital stability.

10,642

Sales of apartment and mixed-use buildings in NRW, 2025 (+13%)

NRW property market report 2026

€8.0bn

Turnover in this segment, 2025 (+21%)

NRW property market report 2026

−16%

Price level of Düsseldorf income properties in 2025 versus the 2022 peak

Düsseldorf valuation committee, own calculation

1. Market situation: liquidity is returning

After the interest-rate shock of 2022 and 2023, the market for apartment buildings in North Rhine-Westphalia is back. In 2025 the valuation committees recorded 10,642 sales of three- and multi-family houses and mixed-use buildings, 13% more than the year before. Turnover rose by 21% to €8.0bn. Around a third of all sales (3,199) took place in the Ruhr area.

Prices, by contrast, are recovering only slowly. In the independent cities they fell by 11% in 2023 and rose by 1% in both 2024 and 2025. Arithmetically, the price level is therefore still around 9% below 2022. In Düsseldorf the gap is larger: the price index for income properties fell from 414 points (2022) to 336 points (2024) and recovered to 348 points in 2025. Regaining the previous peak would require a further rise of around 19%.

The Ruhr cities show a calmer picture. Dortmund’s apartment-building index rose from 94.3 to 96.2 points (2020 = 100); Bochum was virtually unchanged at 102.1 points and reports 15% more sales with 30% more turnover. Herne recorded a decline of around 2%.

Sales of apartment buildings in 2025 by city

City

Düsseldorf

Sales
249
Year on year
n/a
Turnover
€415.0m
Avg. per sale
€1.67m

City

Essen

Sales
590
Year on year
+11%
Turnover
€455.1m
Avg. per sale
€0.77m

City

Dortmund

Sales
529
Year on year
+19%
Turnover
€361.5m
Avg. per sale
€0.68m

City

Duisburg

Sales
469
Year on year
n/a
Turnover
€200.9m
Avg. per sale
€0.43m

City

Oberhausen

Sales
255
Year on year
+23%
Turnover
€138.5m
Avg. per sale
€0.54m

City

Herne

Sales
178
Year on year
+3%
Turnover
n/a
Avg. per sale
n/a

Source: 2026 market reports of the municipal valuation committees. Definitions: Düsseldorf apartment buildings with less than 20% commercial share; Essen multi-storey residential; Duisburg three- and multi-family houses. Change and average per sale: own calculation.

The shift towards smaller properties is striking. In Dortmund the number of sales rose by 19%, but turnover fell from €408.9m to €361.5m, so the average price per property dropped from around €0.92m to €0.68m. In Duisburg turnover fell by around a quarter, while in Oberhausen it rose by 80%. This fits a market driven by private and semi-institutional buyers who mainly acquire small and mid-sized buildings.

2. Multiples and yields by city

The purchase price multiple states how many times the annual net cold rent buyers pay for a property. It is the key metric for valuing an apartment building. The valuation committees derive it from notarised purchase contracts, not from asking prices. Its inverse is the gross initial yield.

Apartment buildings (commercial share up to 20%): key figures 2025

City

Düsseldorf

Avg. multiple
22.0 to 23.0
Gross yield
4.3% to 4.5%
Avg. price €/m²
2,670
Avg. rent €/m²
10.2
Cap rate
3.3%

City

Essen

Avg. multiple
16.5
Gross yield
6.1%
Avg. price €/m²
1,451
Avg. rent €/m²
7.4
Cap rate
3.1%

City

Dortmund

Avg. multiple
14.6 to 19.6
Gross yield
5.1% to 6.8%
Avg. price €/m²
1,432
Avg. rent €/m²
7.1
Cap rate
2.6%

City

Bochum

Avg. multiple
14.8 to 20.2
Gross yield
5.0% to 6.8%
Avg. price €/m²
1,245
Avg. rent €/m²
6.5
Cap rate
3.2%

City

Duisburg

Avg. multiple
14.8
Gross yield
6.8%
Avg. price €/m²
1,131
Avg. rent €/m²
6.3
Cap rate
3.4%

City

Oberhausen

Avg. multiple
15.1
Gross yield
6.6%
Avg. price €/m²
1,113
Avg. rent €/m²
5.9
Cap rate
3.7%

City

Herne

Avg. multiple
17.1 to 17.3
Gross yield
5.8%
Avg. price €/m²
1,060
Avg. rent €/m²
5.7
Cap rate
2.8%

Multiples: 2026 reports of the municipal valuation committees; ranges by year of construction (Düsseldorf), district (Dortmund) and building size (Bochum); Herne as regression base value as of 1 Jan 2026. Price, rent and cap rate (Liegenschaftszins): NRW property market report 2026, p. 148 (only 11 sales in Herne). Gross yield as inverse of the multiple: own calculation.

The lower cap rate does not contradict the gross yield. It additionally accounts for operating costs and the limited remaining useful life of the building, and it is the rate valuers use to calculate the income value.

Looking beyond the city limits shows how quickly the multiple falls with location. For purely residential buildings, the property association RDM estimates 23 times annual rent in Düsseldorf as of January 2026, 19 times in Neuss, 17 times in Ratingen, Mönchengladbach and Viersen, 16.5 times in Krefeld and 14 times in the Mettmann district. Buildings with a commercial share trade considerably lower, at 19 times in Düsseldorf.

The price-to-rent ratio is telling. A square metre costs around 2.4 times as much in Düsseldorf (€2,670) as in Duisburg (€1,131), while rent is only 1.6 times higher (€10.2 versus €6.3). In Düsseldorf, buyers pay above all for location quality and capital stability; in the Ruhr area, above all for current income.

3. Worked example: the same building in three cities

A simple example shows what the multiples mean in practice: an apartment building with 600 m² of living space, let at the city’s average rent and valued at the city’s average multiple.

Worked example: apartment building with 600 m² of living space

Düsseldorf: €10.20/m², annual rent €73,440, multiple 22.5
€1.65m
Essen: €7.40/m², annual rent €53,280, multiple 16.5
€0.88m
Duisburg: €6.30/m², annual rent €45,360, multiple 14.8
€0.67m

Own calculation using the valuation committees’ averages (Düsseldorf at the midpoint of 22.5). This equals €2,754, €1,465 and €1,119 per m², very close to the average prices actually paid in 2025 of €2,670, €1,451 and €1,131 per m². Not a substitute for valuing the individual property.

The same building is therefore worth around 2.5 times as much in Düsseldorf as in Duisburg. The fact that this simple model almost exactly reproduces the prices per square metre actually paid shows how strongly this segment is priced on rent and multiple. For owners this means: if you know your rent and the market multiple, you know the order of magnitude of your sale price.

4. Rental upside: where value is created

Rent is the biggest lever for the value of an apartment building. A comparison shows how much potential the existing stock holds: the buildings sold in 2025 were let, on average, well below today’s level for new lettings.

Rent in buildings sold versus asking rent, in €/m²

City

Oberhausen

Avg. rent in buildings sold 2025
5.90
Asking rent Q2 2026
8.47
Gap
+44%

City

Bochum

Avg. rent in buildings sold 2025
6.50
Asking rent Q2 2026
8.73
Gap
+34%

City

Herne

Avg. rent in buildings sold 2025
5.70
Asking rent Q2 2026
7.60
Gap
+33%

City

Duisburg

Avg. rent in buildings sold 2025
6.30
Asking rent Q2 2026
8.24
Gap
+31%

City

Düsseldorf

Avg. rent in buildings sold 2025
10.20
Asking rent Q2 2026
13.02
Gap
+28%

City

Essen

Avg. rent in buildings sold 2025
7.40
Asking rent Q2 2026
9.22
Gap
+25%

City

Dortmund

Avg. rent in buildings sold 2025
7.10
Asking rent Q2 2026
8.84
Gap
+25%

Sources: NRW property market report 2026, p. 148 (average rent in the sales analysed); ImmoScout24, average asking rents from listings, Q2 2026, including new-build. Gap: own calculation. Asking rents are not an official rent index.

The gap cannot be realised in full. Asking rents include new-build and refurbished flats, and tenancy law limits increases in existing leases. But it shows where value is created with every new letting. The gap is largest in Oberhausen, Bochum, Herne and Duisburg, precisely where multiples are lowest. For income-oriented buyers, this is the core of their calculation.

What one extra euro of rent per square metre is worth

Additional rent per year for 600 m² of living space
€7,200
Value increase in Düsseldorf (multiple 22.5)
+€162,000
Value increase in Essen (multiple 16.5)
+€118,800
Value increase in Duisburg (multiple 14.8)
+€106,560

Own calculation at an unchanged multiple. Every euro of annual rent is multiplied by the multiple when the property is sold.

How quickly the gap can be closed also depends on the city. Under the NRW tenant protection ordinance, Düsseldorf and Dortmund are subject to the rent cap on new lettings (until the end of 2029) and a reduced limit of 15% for rent increases within three years (until February 2030). These stricter rules do not apply in Essen, Duisburg, Bochum, Herne and Oberhausen, where the general limit of 20% applies. This difference is often overlooked in calculations: in the unregulated Ruhr cities, rental upside can be realised faster.

5. Value drivers at property level

The averages conceal how much the price depends on the individual building. The market reports document five factors that matter most to sellers:

  • Size: in Bochum, buildings with three to four units achieved on average 20.2 times annual rent, buildings with five to seven units 16.1 times and larger buildings 14.8 times. Smaller properties attract a much wider pool of buyers.
  • Location within the city: in Dortmund the range runs from 14.6 times in Innenstadt-Nord to 19.6 times in the Süd district. The Düsseldorf valuation committee applies a cap rate up to 21% lower for good locations and up to 35% lower for very good locations than for average locations. A lower rate means a higher value.
  • Commercial share: in Düsseldorf, buildings with 35% to 45% commercial use trade at 18.8 to 20.6 times instead of 22 to 23 times; in Oberhausen at 13.5 instead of 15.1 times. In Bochum the multiple falls to 12.8 times with more than 50% commercial use.
  • Building type: three-family houses in Düsseldorf achieved 26.5 to 28.8 times annual rent, considerably more than larger apartment buildings, because they also appeal to owner-occupiers. With 8 and 11 sales, however, the samples are small.
  • Remaining useful life: the buildings sold had an average economic remaining life of 22 years in Dortmund up to 37 years in Oberhausen. Refurbishment extends it and directly affects the income value.

Two buildings in the same city can therefore differ more in their multiple than the averages of two cities. Pricing has to start with the property, not with the city average.

6. Yield and financing: when debt helps

The gross yield does not yet say what the owner actually earns. Deducting the operating costs that the valuation committees report for each city gives a net initial yield. This is the figure buyers compare with their financing costs.

From gross to net initial yield (approximation)

City

Düsseldorf

Gross yield
4.4%
Operating costs
19.2%
Net initial yield
3.6%

City

Essen

Gross yield
6.1%
Operating costs
25.3%
Net initial yield
4.5%

City

Duisburg

Gross yield
6.8%
Operating costs
28.7%
Net initial yield
4.8%

City

Oberhausen

Gross yield
6.6%
Operating costs
30.4%
Net initial yield
4.6%

City

Herne

Gross yield
5.8%
Operating costs
30.5%
Net initial yield
4.0%

Own calculation. Gross yield as inverse of the multiples (Düsseldorf midpoint 22.5, Herne 17.2); operating costs as % of gross rental income according to the NRW property market report 2026, p. 148. Before real estate transfer tax, acquisition costs and taxes.

Financing has recently become more expensive again. According to the Bundesbank, the effective interest rate on new housing loans with more than ten years’ fixed interest was 4.04% in August 2026, up from 3.73% a year earlier. Broker Interhyp quoted 4.23% for a ten-year fixed rate at the end of September 2026. Ten-year German government bonds yielded around 3.45% in early October, and the European Central Bank raised its key rates by 0.25 percentage points in September 2026. The deposit rate has stood at 2.50% since 16 September.

The comparison with net initial yields is revealing. In Düsseldorf, the yield of around 3.6% is below the cost of financing, so every borrowed euro lowers the return on equity. Buyers in Düsseldorf are therefore mostly equity-rich and rely on capital stability and rising rents. In Essen, Duisburg and Oberhausen, by contrast, the net initial yield of 4.5% to 4.8% is above the loan rate, and debt can still raise the return on equity, albeit by a narrow margin. This explains why financed and income-oriented buyers are increasingly looking at the Ruhr area. The calculation ignores repayment and acquisition costs, but it shows the order of magnitude.

7. Supply: too little is being built

On the supply side, scarcity is increasing. According to IT.NRW, only 37,185 homes were completed in North Rhine-Westphalia in 2025, 9.4% fewer than the year before and the lowest number since 2011. According to the housing market forecast commissioned by the state, around 46,000 homes a year are needed on average until 2040. Building permits rose by 10.7% to 44,905 homes in 2025, but at 20,191 in the first half of 2026 they were slightly below the previous year again. For apartment buildings with three or more units they fell by 11% to 10,938, the lowest level in 13 years.

For owners of existing stock this is a structural tailwind. As long as considerably fewer homes are completed than needed, pressure on rents remains high, and let existing properties benefit.

8. Outlook: what we expect over the next twelve months

Factors influencing the value of apartment buildings

Factor

Rents

Development
Asking rents rising by 2.4% to 4.8% a year in all cities analysed
Effect on values
positive

Factor

New construction

Development
Completions in 2025 at the lowest level since 2011, well below demand
Effect on values
positive for existing stock

Factor

Financing

Development
Mortgage rates around 4%, ECB raised rates in September 2026
Effect on values
dampening

Factor

Regulation

Development
Rent cap and 15% increase limit in Düsseldorf and Dortmund
Effect on values
dampening in regulated cities

Factor

Buyer structure

Development
Private and semi-institutional buyers active, especially for smaller properties
Effect on values
supportive

Woelfer Real Estate’s assessment based on the sources cited in this article.

From these factors we derive three scenarios for the value of let apartment buildings over the next twelve months. Value equals rent times multiple: if rent rises by 3% at an unchanged multiple, value also rises by 3%.

Woelfer Real Estate scenarios: value change over twelve months

Scenario

Base case (our expectation)

Assumptions
Rents +3%, multiples stable, mortgage rates around 4%
Düsseldorf
+3%
Ruhr area
+3%

Scenario

Upside case

Assumptions
Rents +4%, multiples +0.5, falling rates
Düsseldorf
+6%
Ruhr area
+7%

Scenario

Downside case

Assumptions
Rents +2%, multiples −1.0 (Düsseldorf) or −0.5 (Ruhr area), further rate rises
Düsseldorf
−3%
Ruhr area
−1%

Woelfer Real Estate assessment and calculation. Starting multiples 22.5 for Düsseldorf and 15.5 for the Ruhr area (average of Essen, Duisburg and Oberhausen). No guarantee of actual developments.

The asymmetry is notable: because of its low yield, Düsseldorf reacts more strongly to interest-rate changes and carries the greater risk in the downside case. With its higher yields, the Ruhr area is better cushioned against rising rates. For risk-aware, income-oriented investors this currently favours the Ruhr area; for buyers focused on long-term capital stability, Düsseldorf remains the choice.

Our view by city

City

Düsseldorf

For sellers
Good environment, no time pressure
For buyers
Only with high equity
Rationale
Highest multiples in the region, yield below loan rate, catch-up potential to the 2022 peak

City

Essen

For sellers
Good environment
For buyers
Attractive
Rationale
High liquidity with 590 sales, yield above loan rate, no rent cap

City

Dortmund

For sellers
Location decides
For buyers
Selective
Rationale
Wide spread by district, rent cap applies

City

Bochum

For sellers
Small buildings in high demand
For buyers
Attractive
Rationale
Multiple of 20.2 for three to four units, rent gap 34%

City

Duisburg

For sellers
Document rental upside
For buyers
Opportunities with a plan
Rationale
Highest gross yield, turnover recently down

City

Oberhausen

For sellers
Good momentum
For buyers
Opportunities with a plan
Rationale
Turnover +80%, largest rent gap at 44%

City

Herne

For sellers
Low liquidity
For buyers
Only with a clear plan
Rationale
Few sales, prices recently slightly down

Woelfer Real Estate’s assessment based on the data analysed in this article.

Documents buyers expect for an apartment building

  • Current rent roll with area, rent, lease start and deposit per unit
  • All leases including amendments
  • Service charge statements for the last three years
  • Energy performance certificate (legally required for a sale)
  • Current land register extract and cadastral map
  • Building plans and living-space calculation
  • Extract from the register of building encumbrances
  • Evidence of refurbishments in recent years
  • Building insurance and current maintenance contracts
  • For split buildings: declaration of division and meeting minutes

Conclusion: our view

In our view, the NRW market for apartment buildings is in a phase of normalisation. Liquidity is back, but prices have not yet recovered the losses of 2023. We do not expect a broad price rally, as rising interest rates act as a brake. In our base case we expect values to rise by around 3% over the next twelve months, supported by rising rents and a tight supply of new homes.

For owners in Düsseldorf this is a solid environment for selling, but not a peak. Those who do not need to sell can benefit from a further recovery. Those who want to sell should invest in proper preparation, because at multiples above 22, equity-rich buyers pay above all for quality and certainty.

For owners in the Ruhr area, the environment is better than its reputation. Net initial yields of around 4.5% to 4.8% are above the loan rate and attract income-oriented buyers who can hardly find comparable properties in Düsseldorf. In addition, Essen, Duisburg, Bochum, Herne and Oberhausen are not subject to the rent cap. The key is to approach these buyers in a targeted way and to document the rental upside convincingly.

Our most important recommendation: check the rent roll against the market before any sale. For an average building, every euro of rent per square metre is worth a six-figure sum, and this is the lever most often underestimated in pricing.

Let's talk about your property.

Whether selling or investing: Enoch Wölfer gives you an honest first assessment. Direct, confidential and with a reply within 24 hours.

Enoch Wölfer

Enoch Wölfer

Founder & Managing Director