The value of a condominium depends not only on location, size and condition – factors that do not exist at all in a single-family home are also decisive: the service charge, the owners’ association’s maintenance reserve, the co-ownership share, as well as the floor and a possible elevator. We show you which value factors really matter for apartments, how to assess them correctly and which documents will help you arrive at a market-based price.
Why condominiums are valued differently from houses
When purchasing a condominium, you acquire two things at the same time: the separate ownership of your apartment and a co-ownership share in the jointly owned property – that is, the land, roof, façade, stairwell and heating system. The value of your apartment is therefore always also determined by the condition and financial situation of the entire homeowners’ association (WEG).
In practice, the value of condominiums is usually determined using the comparative value method. The Real Estate Valuation Ordinance (§ 24 ImmoWertV) derives the value from actual purchase prices achieved for comparable apartments. Put simply: living area multiplied by the market-standard price per square metre, adjusted for surcharges and deductions relating to location, floor, condition and features. For rented apartments as capital investments, the income approach may also be used, based on the achievable rental income.
These factors determine the value of your condominium
In addition to obvious characteristics such as living area, year of construction, layout and features, the following apartment-specific factors in particular determine the price.
Location, floor and orientation
The macro-location – city, district, infrastructure – forms the basis of every valuation. Within the building, however, the floor also makes a noticeable difference: ground-floor apartments are often considered less desirable because of views into the apartment and noise, while a quiet, bright apartment on a middle or upper floor justifies a premium. A top-floor apartment with far-reaching views can be particularly valuable – but may be less attractive without an elevator. The orientation of the balcony or terrace, with south- and west-facing aspects being in demand, also affects the price.
Elevator and accessibility
Whether an elevator is available is, directly affects the value – and the higher the apartment is located, the stronger the effect. In buildings with around four or more floors, an elevator is a must for many buyers, particularly in view of the growing demand for housing with reduced barriers. If there is no elevator, you should take this into account as a discount for apartments on higher floors.
Service charges and ongoing costs
The service charges – also known as housing charges – are the monthly amount that each owner pays to the community. They include apportionable operating costs such as heating, water and caretaker services, non-apportionable administrative costs, and contributions to the maintenance reserve. A plausible level of service charges is important to buyers: An unusually low amount may indicate an underfunded community and impending special assessments, while a very high amount reduces returns and willingness to buy. Therefore, check the current financial plan and the annual statement.
Maintenance reserve (formerly repair reserve)
The maintenance reserve is the community’s savings portion for future repairs to the common property. Since the 2020 WEG reform, its accumulation has been expressly established in law as an example of proper management (§ 19 para. 2 no. 4 WEG). A well-funded reserve is a genuine value driver: It means that upcoming renovations to the roof, façade or heating system are financed without the threat of high special assessments. For rough guidance, the Second Calculation Ordinance specifies annual amounts of around 7 to over 11 euros per square metre of living space, depending on the age of the building. Always ask for the current balance of the reserve – this is shown in the asset report.
Co-ownership share
The co-ownership share (MEA) describes the calculated fraction of the common property belonging to your apartment. It is recorded in the land register and specified in the declaration of division. Under § 16 WEG, the co-ownership share generally determines the portion of the community’s costs and burdens that you bear and the weighting of your voting rights. For valuation purposes, a plausibility check is worthwhile: Does the share correspond to the living area in relation to the other units? If it differs significantly, you may permanently pay too much or too little in shared costs – this affects the value.
WEG minutes and asset report
The minutes of the last Owners’ meetings are one of the most important sources of information. They show which renovations have been approved or postponed, whether special assessments are pending, how high the reserve is, and how well the community functions. Since the WEG reform, the property manager must also prepare an asset report after the end of the calendar year, showing the reserve balance and the community’s principal assets (§ 28 para. 4 WEG). Approved but not yet paid major works are a clear deduction in value; a well-funded, well-maintained development, on the other hand, warrants a premium.
Condition, modernization and energy certificate
The condition of the apartment itself – bathrooms, floors, windows, electrical systems – as well as the modernization level of the entire building directly affect the price. Energy efficiency is playing an increasingly important role: Under the Building Energy Act (GEG), an energy certificate is mandatory when selling and must be presented no later than during the viewing. Poor energy performance or a communal heating system that has not yet been renovated leads to price reductions more quickly today than in the past.
How to determine the value of your apartment in five steps
Step 1: Compile the documents
Have the land-register extract, declaration of division, latest minutes, financial plan, annual statement, asset report and energy certificate ready (see checklist below).
Step 2: Research comparable prices
Review current listings for comparable apartments in your location and consult the local standard land value and – if available – the comparative factors of the expert committee.
Step 3: Apply premiums and discounts
Adjust the price per square meter: floor, elevator, balcony, condition, energy efficiency and the WEG’s financial position justify premiums or discounts.
Step 4: Take the market situation into account
According to data from the Federal Statistical Office, prices for condominiums in the 1st quarter of 2026 increased compared with the previous year in very different ways across regions – by up to 3.6 percent in sparsely populated rural districts, but by only 0.3 percent in the seven largest metropolitan areas (Destatis).
Step 5: Have the value checked
Compare your result with a second source – such as aOnline valuation, an estate agent’s assessment, or a brief appraisal.
Which documents do I need for the apartment valuation?
For a reliable valuation, you should have the following documents available:
- current land register extract
- declaration of division with division plan
- minutes of the last three owners’ meetings
- current financial plan and the latest annual statement
- asset report showing the balance of the maintenance reserve
- energy performance certificate (mandatory under the GEG)
- floor plan and living space calculation
- evidence of modernization work on bathrooms, windows, or heating
- for rented apartments, additionally the current tenancy agreement
Advantages and disadvantages of the three valuation methods
There are three methods available for determining the value, differing in effort, cost, and accuracy:
- Free online valuation: quick and non-binding, good for initial guidance – but takes individual factors such as reserves or minutes into account only to a limited extent.
- Assessment by an estate agent: usually free and based on local market knowledge, but often in the interest of securing a future sales mandate – ideally obtain several assessments.
- Appraisal by a surveyor: the most accurate and recognized in cases of inheritance, divorce, or court proceedings, but associated with costs in the three- to four-digit range.
For a normal sale, a combination of an online valuation and a market assessment is often sufficient; a full appraisal is particularly worthwhile for legally sensitive occasions.
FAQ on valuing a condominium
Which method is used to value a condominium?
Usually the comparative value method according to § 24 ImmoWertV, which derives the value from the purchase prices of comparable apartments. For rented investment properties, the income capitalization approach is also used.
How does the maintenance reserve affect the value?
A well-funded maintenance reserve increases the value because upcoming repairs are financed. A low reserve, on the other hand, means a risk of special assessments and has a value-reducing effect.
Why are service charges so important to buyers?
Service charges determine the ongoing costs. A realistic amount including an appropriate contribution to the reserves indicates a healthy owners’ association; unusually low service charges may point to later additional payments.
What does the co-ownership share say about the value?
The co-ownership share determines, what share of the costs and voting rights your apartment has. It should be plausible in relation to the living area, as it helps determine your ongoing cost burden.
Do the absence of an elevator or a high floor reduce the value?
These factors are connected: A higher floor is an advantage with an elevator because of the peace and views, but without an elevator it is often a disadvantage. Ground-floor apartments are often traded at a discount.
Conclusion: What matters when valuing an apartment
You should never value a condominium in isolation—the value depends on the community to which it belongs. In addition to location, size, and condition, the service charges, the amount of the maintenance reserve, the co-ownership share, the floor together with the elevator, and the resolutions documented in the condominium owners’ association minutes are the main factors determining a market-appropriate price. Anyone who carefully reviews these documents and compares them with current comparable prices will arrive at a reliable assessment—and avoid nasty surprises for both parties to the purchase agreement.