LBS actual property research: “We are observing price corrections after an overheated phase” | EUROtoday

As of: 11:41 a.m | Reading time: 2 minutes

IReal property in Hamburg and the encircling communities in Lower Saxony and Schleswig-Holstein have change into barely cheaper on common over the previous 12 months. “In the current study, we are observing price corrections in line with the market after an overheated phase,” mentioned Jens Grelle, board member of LBS Landesbausparkasse Nordost, on Wednesday on the presentation of the LBS Real Estate Market Atlas Hamburg and Surrounding Areas 2023.

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Title from the second row

According to the research, common costs for residential properties have fallen by 3.7 to 10.7 p.c for the reason that starting of 2023, relying on the kind of property. Both new buildings and present properties grew to become considerably cheaper within the Hanseatic metropolis and the higher Hamburg space. Only for brand spanking new residences in Hamburg was a slight enhance of two.4 p.c recorded.

The LBS research confirmed a pointy enhance in costs, particularly within the two Corona years 2021 and 2022. In 2023 the market already appeared to be altering considerably. Grelle identified that the worth degree within the area stays excessive. “Especially when there is little equity available, many people have to make very careful calculations when purchasing real estate,” he mentioned.

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The artwork of the depressing life

Price developments differ significantly throughout districts, and the worth vary is giant. At the start of 2024, the typical value to pay for present homes with 120 sq. meters of dwelling area in Hamburg was between round 335,000 euros in Neuenfelde and virtually 1.9 million euros in Harvestehude. Depending on the district, events needed to calculate a median of 267,520 euros (Eißendorf) to 966,000 euros (Hafencity) for an 80 sq. meter present house.

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Prices within the Hamburg space have additionally fallen in comparison with the start of 2023. Existing homes price a median of three,161 euros per sq. meter (minus 10.7 p.c) and present residences price 3,064 euros per sq. meter (-9.6 p.c). The highest surrounding costs for present homes are presently in Wentorf/Aumühle with a median worth of 4,522 euros/sq. meter. As final 12 months, Ahrensburg once more took first place on the worth rating scale for present residences within the Schleswig-Holstein space with 3,773 euros per sq. meter.