Real Estate Location: Investing in... - Lukinski Rating / Investment Atlas Germany

Real estate location – Location makes the difference between investments with the aim of yield (direct income, mostly B and C locations) or in an investment property (“speculation” on appreciation, A locations). The current Lukinski Rating 2025 on the attractiveness of cities in Germany, over 40,000 inhabitants. After that, it gets interesting, as we take a look at the hidden champions, with top Lukinski A+ rating and D- rating and higher risk. Are you looking for low-cost financing in Germany? Check conditions and providers in my comparison 2025.

Key Facts -

Lukinski Rating: Location & Attractiveness

Real Estate Atlas: Sorted by Rating

How the rating works

Cities in comparison: Where to invest?

Metropolis ( < 500,000 ) – High purchase price, long-term profit.

Large city (100.000 – 500.000) – Moderate purchase price, immediate return on investment

Cities ( < 100,000 ) – More return, more risk

Hidden champions for your capital investment

Top 10 A+ Ratings

All A+ / A ratings in Germany

All B- / B / B+ ratings

All C- / C / C+ ratings

Risk Champions: Not for beginners

Top 10 D- Ratings

All D / D ratings in Germany

Lukinski Rating: Location & Attractiveness

If you want to buy your first property, you will quickly hear about the different types of locations. But how can you assess the attractiveness of cities? Especially if it is not about the well-known cities in A-locations, as well as Munich, Hamburg, Berlin, Cologne, Frankfurt or Düsseldorf.

The Capital Investment Atlas Germany also takes a look at almost 500 cities in Germany and compares their attractiveness and development.

This is not a recommendation to buy. The rating is for general information purposes.

Real Estate Atlas: Sorted by Rating

Cities sorted by rating:

Real Estate Atlas: Sorted by Inhabitants

Cities sorted by number of inhabitants:

Metropolen 500K +

Städte bis 500 K

How the rating works

There are many parameters for evaluating a specific location (macro perspective), for example, the economy, its distribution among commerce, industry and production, the infrastructure, educational institutions, as well as doctors, leisure activities, but also the surrounding area, neighborhoods and neighboring cities. Another factor is, of course, the purchase price (or rent); the higher the price per square meter, the more people are drawn to the suburbs of large cities. All this ensures that individual locations lose or gain in attractiveness for people. Our rating compares attractiveness and development.

Status: 2025
Evaluation: Cities in Germany
Criterion: At least 40,000 inhabitants
Categorization: A (+) to D (-)

For real estate investors, the Capital Investment Atlas, divides the attractiveness of individual cities into 4 categories. From Lukinski A+ rating, for particularly attractive regions, which experience a high influx, to the D- rating, cities that have been stagnating for years and decades, little attractive people and economy. Inflation protection is our priority. The higher the rating, the more attractive the location is for real estate investors to enter.

Cities in comparison: Where to invest?

Below you will first find the most important German cities, in comparison. Metropolises with more than 500,000 inhabitants, plus major cities from 250,000 to 500,000 inhabitants and once again all major cities from 100,000 to 250,000 inhabitants. After that, it gets interesting, because we take a look at the hidden champions, with top Lukinski A+ rating and D- rating and higher risk with the question:

Where to invest in Germany?

Metropolis ( < 500,000 ) – High purchase price, long-term profit.

Overview of metropolises / major cities – tends to be in A-locations, with investment properties. This means little surplus from rental income, but a high increase in the value of the property, whether for the sale of an apartment or a house.

First, a look at the biggest cities everyone here knows, with populations over 500,000.

City	BL	Rating
		Note	Value	Short term	Long term
Berlin	BE	B+	5,8	A-	B+
Hamburg	HA	B+	6	A+	B-
Munich	BA	A+	11,9	A+	A+
Cologne	NRW	A	8,7	A+	A
Frankfurt on the Main	HE	A+	12,6	A+	A+
Stuttgart	BW	B+	5,2	A	B-
Düsseldorf	NRW	B+	5,8	A	B+
Leipzig	SA	A+	13,1	A+	A+
Dortmund	NRW	C-	0,2	D-	C
Food	NRW	D-	-1,7	D-	C

Click here for the full list of metropolitan areas:

Rating: metropolitan areas with 500,000 or more inhabitants

Large city (100.000 – 500.000) – Moderate purchase price, immediate return on investment

A look at the 2nd league of cities, major cities up to 500,000 inhabitants at a glance – Tends to be good B locations with yield properties. That is, the costs (repayment of the loan, interest and maintenance), are covered by current rental income. On the other hand, the value growth is lower than in A-locations.

Overview of large cities with up to 250,000 inhabitants – Tends to be a mix of B locations and often good C locations with yield properties. This means, as in the case of large cities, the costs (repayment of the loan, interest and maintenance) are covered by ongoing rental income. On the other hand, the value growth is lower than in A-locations. However, be careful with properties in C locations, because the risk that apartments or houses will be vacant at some point is greater than in B locations and much greater than in A locations.

City	BL	Rating
		Note	Value	Short term	Long term
Duisburg	NRW	D-	-1,8	D-	C
Bochum	NRW	D-	-4,8	D-	D-
Wuppertal	NRW	D-	-1,7	D-	C
Bielefeld	NRW	B-	3,5	B	B-
Bonn	NRW	B+	5	A+	C
Münster	NRW	A+	13,7	A+	A+
Mannheim	BW	D	-0,8	D	D-
Karlsruhe	BW	A-	6,6	A+	B
Augsburg	BA	A+	11,4	A+	A+
Wiesbaden	HE	C+	2,8	A-	C-

Here you can find the list with all 67 major cities in Germany, from 100,000 to 500,000 inhabitants:

Rating: Large cities up to 500,000 inhabitants

Cities ( < 100,000 ) – More return, more risk

Your advantage in cities between 40,000 to 100,000 inhabitants? You have less national and international competition. Especially if you live locally, a good strategic advantage, even for real estate newcomers. What’s your city’s rating? Find out here:

Rating: Cities up to 100,000 inhabitants

Hidden champions for your capital investment

Now it gets interesting, as we take a look at the hidden champions, with top Lukinski A+ rating!

After that you will find another list, with cities that have a very negative development on travel and with D- rating higher risk.

Top 10 A+ Ratings

Here you can see the top 10 A+ ratings:

Bernau near Berlin (Brandenburg), Rating: 25.2
Falkensee (Brandenburg), Rating: 22.3
Oranienburg (Brandenburg), Rating: 17.7
Potsdam (Brandenburg), Rating: 17.0
Bad Kreuznach (Rhineland-Palatinate), Rating: 16.6
Dachau (Bavaria), Rating: 15.8
Landshut (Bavaria), Rating: 15.3
Giessen (Hesse), Rating: 15.2
Goslar (Lower Saxony), Rating: 14.8
Ostfildern (Baden-Württemberg), Rating: 14.6

All A+ / A ratings in Germany

You want to get to know even more hidden champions in Germany? Then take a look at all A-Rated in Germany here! These cities are extremely popular, read more here, Lukinski A+ / A ratings for real estate investors:

A+ / A ratings in Germany

A+ rated hidden champions at a glance – Strong overall development, influx of people, you can get good returns here, especially with condos you buy and rent out.

All B- / B / B+ ratings

All B ratings show cities with solid development. Here you can also find yield properties that immediately provide income that covers your monthly burdens around repayment, interest and maintenance. Ideally with additional extra, for active asset accumulation.

B- / B / B+ ratings in Germany

All C- / C / C+ ratings

All C ratings show cities with lower growth rates. Here, real estate as an investment should be treated with caution, because the vacancy risk is greater. This means that you pay more for every month that your property is not rented out. In addition, the increase in value of the property is very low, or even non-existent.

C- / C / C+ ratings in Germany

Risk Champions: Not for beginners

Newcomers to real estate should avoid these cities. These cities are at the lower end of the rating scale and thus bear the greatest risk of vacancies and negative property value development.

Top 10 D- Ratings

Here you can see the least, attractive D- ratings:

Frankfurt Oder (Brandenburg), rating -20.9
Gera (Thuringia), rating -18.5
Neubrandenburg (Mecklenburg-Western Pomerania), rating -15.6
Zwickau (Saxony), rating -15.1
Dessau-Roßlau (Saxony-Anhalt), rating -13.7
Wilhelmshaven (Lower Saxony), rating -12.3
Wismar (Mecklenburg-Western Pomerania), rating -12.3
Cottbus (Brandenburg), rating -11.5
Schwerin (Mecklenburg-Western Pomerania), rating -10.8
Unna (North Rhine-Westphalia), rating -10.3

All D / D ratings in Germany

Risk situations for real estate investors:

D- / D Ratings in Germany

Risk Champions with D- rating at a glance – You should only buy properties in poor C-locations if you already have experience. Not only with buying and renting, but also with renovation and refurbishment.