Where should your next property investment be? Prices per m² in Denmark’s 10 biggest winners and losers 2010-2026

Where should your next property investment be? An analysis of prices per m² in Denmark’s 10 biggest winners and losers 2010-2026

The Danish housing market has gone through an extraordinary transformation over the last 15 years. While prices per square metre for owner-occupied apartments in Copenhagen have doubled in 10 years (in Danish) and stood at DKK 56,637 in January 2025, the reality looks completely different in other parts of the country. For investors deciding where to place their next investment, insight into the actual figures is essential, not least in a market where the City of Copenhagen documents that prices in Bispebjerg have risen 313% since 2010 (in Danish).

The question of investment timing is especially relevant now that the market is showing clear signs of a turn. Prices of owner-occupied apartments nationwide rose 17.8% from Q1 2025 to Q1 2026 alone (in Danish), and the average price per square metre reached DKK 43,279, the highest up to then. But behind these headline figures lie huge geographical differences that decide whether an investment makes a profit or a loss over a 10 to 15-year period.

For private landlords and investors considering short-term rental or long-term leases, location is not just a matter of preference. It is the core of the investment’s financial success. We have gone through data from Finance Denmark’s housing market statistics (in Danish) and municipal housing reports to find ten winners and ten losers in the housing market. The figures cover different periods.

Which areas have given the highest increase in value on owner-occupied homes since 2010?

The most successful investments since 2010 have been in Copenhagen’s outer districts, North Zealand and selected municipalities outside the capital that people are moving to. Bispebjerg in Copenhagen tops the list with a price rise of 313% from 2010 to 2025.

Other strong winners in Copenhagen include Vanløse, Brønshøj-Husum and Amager, where prices rose just under 150% since 2010 (in Danish), while Nordhavn has the highest prices per m² for owner-occupied apartments in Copenhagen, DKK 82,200. By comparison, Indre By is at DKK 71,300 per m². These are areas that attract highly educated and international buyers with strong purchasing power.

Outside Copenhagen, Vordingborg Municipality has seen the biggest annual price rise, with 67% from Q1 2025 to Q1 2026 alone (in Danish), followed by Bornholm (+38%), while Holbæk rose 23%. For detached and terraced houses, Odsherred topped the figures from home and Boligsiden in September 2025 with a one-year rise of 26.8%, the biggest of all municipalities (in Danish). In kroner, this meant a standard 150 m² house cost DKK 383,400 more than a year earlier.

In the same figures, Gladsaxe Municipality topped the list for the largest rise in absolute kroner for detached houses, with an average rise of DKK 867,000 in one year, or 14.3%, while Glostrup has seen house prices rise 26.7% from Q1 2025 to Q1 2026 (in Danish). Ishøj, Ærø and Middelfart have also seen price rises of over 20% in the same period.

What the winning municipalities have in common is closeness to Copenhagen or Aarhus combined with relatively lower entry prices, better commuting options and a growing flow of newcomers looking for “value for money” without leaving the job market in the big cities. In Syddjurs in particular, local estate agents explain the price rises by saying that “people from Aarhus on ordinary salaries are increasingly looking further out of the city” (in Danish), where they find cheaper homes, nature and a local community.

10 winners and their price rises

Based on data from the City of Copenhagen, Finance Denmark, home and TV 2:

1. Bispebjerg (Copenhagen): owner-occupied apartments, +313% since 2010
2. Vordingborg Municipality: owner-occupied apartments, +67% in one year (2025-2026)
3. Bornholm Municipality: owner-occupied apartments, +38% in one year; house prices doubled over 10 years
4. Holbæk Municipality: owner-occupied apartments, +23% in one year
5. Odsherred Municipality: detached and terraced houses, +26.8% in one year
6. Glostrup Municipality: detached and terraced houses, +26.7% in one year
7. Vanløse, Brønshøj-Husum, Amager (Copenhagen): owner-occupied apartments, +150% since 2010
8. Gladsaxe Municipality: detached houses, +DKK 867,000 in absolute terms in one year (+14.3%)
9. Albertslund, Syddjurs, Faxe: detached houses, over +15% in one year
10. Frederiksberg Municipality: owner-occupied apartments, +25.8% in one year; average price DKK 80,954 per m² in Q1 2026

These figures show that location has been far more important than timing for long-term returns. An investor who bought in Bispebjerg in 2010 has seen the price per m² more than quadruple, while a similar investment in some outlying areas has given a negative real return.

Where have property investments lost the most value or stagnated since 2010?

The biggest losers are mainly in outlying municipalities in South and West Jutland and on Lolland-Falster, where demographic challenges, falling populations and a lack of job growth have pushed prices down. Haderslev Municipality stands out as the only municipality in Denmark where in January 2025 it was actually cheaper to buy a house than ten years earlier (in Danish). The average price per square metre was DKK 6,725, which was DKK 467 lower than in January 2015.

Tønder Municipality in Southern Jutland has also seen one of the lowest price rises in the country over a 30-year period. The price of a 140 m² detached house rose by only 69% from 1995 to 2025 (in Danish), a rise of DKK 292,600, while similar homes in Copenhagen rose 882%, or DKK 7.4 million, over the same period. In 1995 the house in Tønder cost DKK 424,200, and in 2025 only DKK 716,800.

Lolland Municipality also had the lowest house prices in the country in Q1 2026, and they were lower than in Q1 2010 (in Danish). Holstebro and Slagelse, with prices per m² of DKK 10,506 and DKK 11,762 respectively for owner-occupied apartments in Q1 2026 (in Danish), had the second and third cheapest apartment prices in the country, a sign of weak demand and low capital growth.

From Q1 2025 to Q1 2026, apartment prices fell in 14 municipalities (in Danish) and house prices in 22. Among the larger cities, Aalborg and Odense saw near stagnation or small price falls in some periods, in sharp contrast to Copenhagen and Aarhus.

For investors, this means that even in a market that is rising overall, there are significant geographical pockets where capital tied up in property does not just stagnate but actually loses value in nominal terms, and even more when adjusted for inflation.

10 losers and their price development

1. Haderslev Municipality: detached houses, an actual price fall; DKK 467 lower per m² in January 2025 than in January 2015
2. Tønder Municipality: detached houses, only +69% over 30 years (1995-2025)
3. Lolland Municipality: the lowest house prices in Denmark; lower in Q1 2026 than in Q1 2010
4. Holstebro Municipality: owner-occupied apartments, DKK 10,506 per m² in Q1 2026 (second cheapest in the country)
5. Slagelse Municipality: owner-occupied apartments, DKK 11,762 per m² (third cheapest)
6. Aalborg Municipality: small price falls or stagnation in some periods
7. Odense Municipality: owner-occupied apartments, small price fall in the latest year
8. West Jutland (region): detached and terraced houses, the only region without a price rise from Q1 2025 to Q1 2026
9. Various outlying municipalities in West and South Zealand: slow or negative development
10. North Jutland (region): owner-occupied apartments, DKK 17,825 per m² in Q1 2026, 5.1% lower than a year earlier

What the losing municipalities have in common is people moving away, an ageing population, limited job growth and long distances to the centres of economic growth. These structural factors mean that even falling interest rates and more liquidity in the banking system do not create the same demand as in the growth areas.

Is 2026 the right time to invest as the market turns?

No one can promise that. Prices have developed very differently from area to area, and interest rates have risen again in 2026. Interest rates are the main driver. The ECB cut its interest rates four times in 2025 and has raised them twice in 2026, in June and September. Danmarks Nationalbank also raised its interest rates in June and September 2026, and from 11 September its rate on certificates of deposit is 2.10% (Statistics Denmark, DNRENTD, in Danish). A forecast from October 2025 (in Danish) suggested that fixed-rate loans would be around 3% at the end of 2026, while F-kort loans (short-term adjustable-rate mortgages) were expected to reach 2%.

This shift in interest rates has a direct effect on house prices. Lower financing costs increase purchasing power, which has historically driven prices up, especially in segments with high leverage and large loans. A 1 percentage point cut in the interest rate on a DKK 5 million loan saves about DKK 50,000 a year in interest before tax (in Danish), which gives buyers room to bid higher.

In January 2025 there were 3,034,000 employees in Denmark (in Danish), 452,000 more than 10 years earlier. This strong employment increases spending and strengthens demand for housing.

But the market is not without risks. Both Danmarks Nationalbank and the Danish Financial Supervisory Authority (Finanstilsynet) warn that apartment prices in Copenhagen are rising much faster than wages (in Danish), and the Financial Supervisory Authority calls it “an unhealthy development that sooner or later carries a high risk of a sharp fall in house prices”. In Copenhagen and Frederiksberg, apartment prices rose 27.4% and 25.8% from Q1 2025 to Q1 2026 (Finance Denmark, in Danish).

Supply is another critical factor. At the end of Q4 2025 there were only 904 owner-occupied apartments for sale in the City of Copenhagen (in Danish), a historically low level which, combined with high demand, has created the extraordinary price rises. Structurally, too little is being built, and owners are under no pressure to sell in a strong economy.

For investors, this means that Copenhagen and Aarhus will continue to be driven by scarcity and structural demand, but with limited upside and a higher risk of a correction. On the other hand, municipalities such as Vordingborg, Holbæk, Odsherred and other commuter municipalities are a “sweet spot”: they have seen strong price growth but are still far below the capital’s level and attract newcomers looking for better value.

The investment strategy should therefore be differentiated: for long-term capital growth and stable rental income through long-term rental, commuter municipalities and outer districts can give better risk-adjusted returns, as entry prices are lower. An investment apartment generally cannot be rented out to holiday guests: the 70-day rule only applies to your own permanent home, and a home subject to the residence requirement (bopælspligt) that you do not live in yourself may not be used for holiday rental without the municipality’s consent (section 7(1) of the Housing Conditions Act (lov om boligforhold), in Danish).

One concrete way to assess the return potential is to use BY Administration’s rental income calculator, where you tell us about the home and get a personal estimate of the rental income within 24 hours.

What drives the regional differences, and what can investors learn?

The extraordinary regional differences are driven by four structural factors: demographics, infrastructure, job growth and a shortage of supply. Investors should screen these factors systematically before they buy. It is no coincidence that Bispebjerg rose 313% while Haderslev lost value; the differences are rooted in fundamental economic and social dynamics.

Demographics and people moving in: Municipalities with growing, younger populations and positive net migration see structural demand. Copenhagen, Aarhus, Odense and their surrounding municipalities attract students, graduates and international employees. In contrast, outlying municipalities see people moving away and an ageing population, which reduces buying power and so the pressure on prices.

Infrastructure and commuting: Municipalities within commuting distance of Copenhagen or Aarhus benefit from the “ripple effect”: buyers priced out of the core city spread out to neighbouring areas within an acceptable commuting distance. That is why Odsherred, Holbæk, Syddjurs and Faxe are rising sharply, while Tønder and Lolland, without attractive commuting options, are stagnating. As a local estate agent in Syddjurs explains, buyers “get both lower housing costs and nature, a local community and modern amenities” (in Danish).

Job growth and economic growth: Areas with a strong job market and a diversified business base support house prices. Greater Copenhagen and Aarhus have seen significant growth in tech, biotech, finance and green energy, sectors that attract graduates with strong purchasing power. Outlying municipalities often depend on primary industries, the public sector or traditional manufacturing with limited growth potential and lower wages.

Supply shortage and construction: Copenhagen builds too little compared with demand. Only 10% of social housing was built after 2000 (in Danish), against 18% in Aarhus. This structural deficit drives prices up in the capital, while outlying municipalities often have a surplus of homes and long selling times.

Lessons for investors: Before you invest, analyse the municipality’s population development over the last 10 years (data from Statistics Denmark), average income, employment rate, infrastructure projects and planned housing construction. A municipality with a growing population, incomes above the national average, a new train connection or urban development and limited new construction is likely to continue an upward price trend.

On the other hand, be careful with municipalities where the population is falling, incomes are low and a lot of new housing is being built without matching demand. There you risk both low rental income and a loss of capital. Investing in apartments in Copenhagen requires strong equity and tolerance for high leverage; investing in houses in commuter municipalities can give a better entry point and lower risk.

Looking ahead

The Danish housing market is in a phase of structurally high demand and sharp geographical differences. For investors entering the market in 2026, the opportunities are significant, but only if you choose the right areas and invest with a clear strategy.

We expect price rises to continue in Copenhagen, Aarhus and their surrounding areas, although at a more balanced pace than in the last two years. The risk of a price fall in the capital is there if interest rates rise further or if regulation is tightened.

Commuter municipalities and outer districts offer the most attractive risk-return profile: they combine relatively low entry prices and significant upside. For investors looking to diversify outside Copenhagen, Vordingborg, Holbæk, Odsherred, Bornholm, Faxe and Syddjurs are strong candidates.

Outlying municipalities in West and Southern Jutland and Lolland-Falster should be avoided unless there are specific local growth catalysts (for example new companies or infrastructure projects). History shows that structural depopulation is not reversed by lower interest rates alone.

For those who want to get started quickly, professional management is essential to optimise operations, comply with the law and maximise returns.

Finally: market timing comes second to choosing the right location. Focus on the fundamental drivers, not short-term market movements.

Frequently asked questions

Where in Denmark does property investment give the highest return in 2026?

Copenhagen’s outer districts such as Bispebjerg, Vanløse and Amager, and municipalities such as Vordingborg, Holbæk, Odsherred and Bornholm, have shown strong price growth. Bispebjerg rose 313% since 2010, while Vordingborg rose 67% in one year.

Which municipalities should investors avoid in 2026?

Haderslev, Tønder, Lolland, Holstebro and Slagelse have had far lower rises in house prices than the national average since 2010. Haderslev was actually cheaper in January 2025 than ten years earlier, and Tønder rose only 69% over 30 years against 882% in Copenhagen. These municipalities suffer from people moving away, an ageing population and weak job growth, structural factors that low interest rates cannot make up for. Unless there are specific local growth catalysts, these areas should be avoided.

Is it too late to invest in Copenhagen, now that prices are already at record highs?

Copenhagen is historically expensive, with an average price of DKK 56,637 per m² in January 2025 and Nordhavn at DKK 82,200 per m². Danmarks Nationalbank and the Financial Supervisory Authority warn that prices are rising faster than wages, which creates a risk of a correction. But a structural shortage of homes (only 904 apartments for sale at the end of 2025) supports prices. The risk is higher than in commuter municipalities, but for investors with strong equity and a long-term horizon, Copenhagen can still give a return.

How do interest rates affect house prices in 2026?

The ECB cut its interest rates four times in 2025 and has raised them twice in 2026. A forecast from October 2025 expected fixed-rate loans at 3% and F-kort loans at 2% by the end of 2026. A 1 percentage point cut in the interest rate on a DKK 5 million loan saves about DKK 50,000 a year in interest before tax, which increases purchasing power and drives prices up. Areas with high leverage in particular (Copenhagen, Frederiksberg) get the strongest leverage effect from a fall in interest rates.

What is the difference between investing in Copenhagen and Aarhus?

Copenhagen has higher entry prices (DKK 56,637 per m² in January 2025), but also higher rental income. Aarhus has seen more subdued price growth than Copenhagen, but with a lower risk of a correction. Aarhus attracts students and tech companies, which supports long-term demand. For diversification, Aarhus gives better risk-adjusted returns.

How much equity do you need for a property investment in 2026?

Mortgage credit (realkredit) can cover at most 80% of the property’s value (section 5(1) of the Mortgage Credit Act, in Danish). The rest must come from your own savings or a bank loan. For a 75 m² apartment in Copenhagen at DKK 4.2 million (DKK 56,637 per m² in January 2025), the 20% is DKK 840,000 plus costs. In commuter municipalities such as Holbæk or Vordingborg, prices are considerably lower, so a similar apartment costs DKK 1.5 to 2.5 million, and the 20% is DKK 300,000 to 500,000. For a detached house in the provinces at DKK 2 million, it is DKK 400,000. Leverage through mortgage loans (realkreditlån) can increase the return considerably, but also the risk.

Should I choose short-term or long-term rental as an investment strategy?

Short-term rental via Airbnb requires active management, professional cleaning and administration, carries a higher risk of empty periods and is subject to legal restrictions: the 70-day rule only applies to your own permanent home, so an investment apartment generally cannot be rented out to holiday guests. Long-term rental gives stable, predictable income with less day-to-day management and administration, and is ideal in outer districts and commuter municipalities. For investors who want passive income, long-term tenants are best.

How do I find out whether a specific municipality is a good investment?

Analyse five key parameters using Statistics Denmark and Finance Denmark’s housing market statistics: 1) population development over the last 10 years (positive net migration is essential), 2) average income and employment rate (high income means stronger buyers), 3) infrastructure and commuting time to Copenhagen or Aarhus (under 60 minutes is best), 4) planned housing construction (too much new supply can push prices down), 5) historical development in price per m² (a consistent rise indicates healthy demand). Also use BY Administration’s rental income calculator to get an estimate of the rental income. Avoid municipalities with a falling population, high unemployment and no infrastructure projects.

Sources

“Boligpriserne eksploderer, og der bliver bygget for lidt” (House prices are exploding, and too little is being built). Magasinet KBH, 2025 (in Danish), https://www.magasinetkbh.dk/indhold/boligredegoerelsen-2025-kobenhavn

“Boligredegørelsen 2025” (Housing Report 2025). City of Copenhagen, 2025 (in Danish), https://www.kk.dk/sites/default/files/2025-12/Boligredeg%C3%B8relse%202025.pdf

“De 10 dyreste kommuner at købe bolig i 2026” (The 10 most expensive municipalities to buy a home in 2026). Boligvurdering, 2026 (in Danish), https://boligvurderinger.dk/de-10-dyreste-kommuner-at-koebe-bolig-i-2026/

“Ekspertens prognose: Sådan ser din boligrente ud i 2026” (The expert’s forecast: what your mortgage rate will look like in 2026). BoFinans, 2025 (in Danish), https://bofinans.dk/renteprognose/

“Lejlighedspriser slår igen ny rekord” (Apartment prices set a new record again). Bolius, 2026 (in Danish), https://www.bolius.dk/se-lejlighedspriserne-i-din-kommune-siden-1992-29700

“Lejlighedspriserne i København er fordoblet på 10 år” (Apartment prices in Copenhagen have doubled in 10 years). Dansk Byudvikling, 2025 (in Danish), https://dansk-byudvikling.dk/lejlighedspriserne-i-koebenhavn-er-fordoblet-paa-10-aar/

“Ny prognose: Forventninger til boligpriserne i 2025 og 2026” (New forecast: expectations for house prices in 2025 and 2026). Nordea, 2025 (in Danish), https://www.nordea.com/da/nyhed/ny-prognose-forventninger-til-boligpriserne-i-2025-og-2026

“Se kortet: Så godt har boligmarkedet klaret sig i din kommune” (See the map: how the housing market has done in your municipality). TV 2, 2025 (in Danish), https://nyheder.tv2.dk/penge/2025-02-13-se-kortet-saa-godt-har-boligmarkedet-klaret-sig-i-din-kommune

“Se kortet: Så meget er boligpriserne steget, hvor du bor” (See the map: how much house prices have risen where you live). DR, 2026 (in Danish), https://www.dr.dk/nyheder/indland/se-kortet-saa-meget-er-boligpriserne-steget-hvor-du-bor

“Top 10-kommuner: Flere kommuner oplever kæmpe prisstigninger på husene” (Top 10 municipalities: more municipalities see huge rises in house prices). Home, 2025 (in Danish), https://home.dk/bolignyt/top-10-kommuner-flere-kommuner-oplever-kaempe-prisstigninger-paa-husene/

“Vækst sætter gang i investeringer i ejendomsmarkedet i 2026” (Growth drives investment in the property market in 2026). Dagens Byggeri, 2025 (in Danish), https://dagensbyggeri.dk/kommentar/vaekst-saetter-gang-i-investeringer-i-ejendomsmarkedet-i-2026/

Finance Denmark (Finans Danmark). “Boligmarkedsstatistikken” (Housing market statistics) (in Danish), https://finansdanmark.dk/tal-og-data/boligstatistik/boligmarkedsstatistikken/

City of Copenhagen. “Orientering om Boligredegørelsen 2025 Resumé” (Briefing on the Housing Report 2025, summary). 2025 (in Danish), https://www.kk.dk/sites/default/files/agenda/9b383522-525f-4b9c-9467-05defa19983e/ad928545-4d5a-46b1-9a26-9ce2283b2685-bilag-2_0.pdf