Copenhagen apartment prices fell for a second month in a row in September 2026, ending 28 straight months of increases, while Aarhus apartments passed DKK 50,000 per square meter for the first time.
According to DR, the average price of an owner occupied apartment in Copenhagen was DKK 75,414 per square meter in September. That is 1.6 percent below the July peak, after more than two years of monthly increases.
Lise Nytoft Bergmann, housing economist at Nordea, told DR that the long expected turn in the market is now certain. She said prices eventually reach a ceiling for what buyers can or will pay, and that buyers can look further out.
Bergmann noted that the number of for sale signs is rising quickly, trading activity is falling, and sellers are accepting larger discounts. She said this confirms that the price falls are likely to continue in the coming period, and pointed to higher interest rates making purchases more expensive to finance.
Aarhus sets a record while Copenhagen cools
Aarhus apartments rose 3.7 percent from August to September and 23.3 percent compared with a year earlier, per DR. Bergmann said increases of that size have not been seen in Aarhus in the 15 years covered by Boligsiden’s figures.
BT reports that the Aarhus price reached DKK 50,649 per square meter, meaning an average 100 square meter apartment cost more than DKK 5 million for the first time. The Copenhagen Post notes that the monthly rise was the third largest in the statistics, which go back to 2011.
Selling times in Aarhus have dropped to 47 days, a level only beaten in the summer of 2021, DR reports. Apartments in the Aarhus Ø district are among those pulling prices upward.
TV 2 reports that Copenhagen apartment prices were still 15.7 percent higher than a year earlier despite the recent decline. The broadcaster links the Copenhagen fall to increased supply and weaker buyer demand, while low supply in Aarhus supports prices there.
Nationally, the average apartment price was unchanged in September compared with August, but remained 15 percent above the level a year earlier, according to DR. Houses and terraced houses rose 0.3 percent over the month and 9.2 percent over the year, to an average of DKK 20,279 per square meter.
What the price shift means for internationals buying or moving within Denmark
The figures cover ejerlejligheder, the Danish term for owner occupied apartments, and are reported as kvadratmeterpris, the price per square meter. The data comes from the property portal Boligsiden, whose series on Aarhus apartments goes back 15 years. Anyone comparing cities or considering buying property will see those two figures used across Danish coverage.
For internationals weighing Copenhagen against Aarhus, the September numbers show a narrowing but still large gap. Copenhagen apartments cost about 25,000 kroner more per square meter than Aarhus apartments, based on the DR and BT figures. Bergmann told DR that buyers who have not yet entered the market may welcome falling prices, while sellers lose out.
Two factors named in the reporting affect buyers directly. Bergmann said interest rates have risen, which makes financing a purchase more expensive, and that discounts off asking prices in Copenhagen are increasing. In Aarhus, the 47 day average selling time leaves less room to deliberate, and the cost of housing there has risen 23.3 percent in a year.
What is not yet known is how long either movement lasts. Bergmann expects the Copenhagen falls to continue in the near term, but neither DR, TV 2, BT nor The Copenhagen Post reports a forecast for Aarhus prices.
