Present data shows - Condo prices are on a downward trend.
According to Postbank's "Wohnatlas 2024," a whopping 96% of areas saw cheaper condos than the previous year. The bank reasoned that the swift decline in real estate prices has spread to a growing number of regions. On average, property prices in Germany dropped 10.1% between 2022 and 2023. Factors contributing to this trend include diminishing demand, rising interest rates, questionable subsidy conditions, and increasing living expenses and renovation costs.
In some cities, the price plummeted more significantly. Munich witnessed a -14.4% drop, Stuttgart experienced a -16% decline, Düsseldorf saw a -14.1% decrease, Frankfurt registered a -13.1% fall, and Hamburg underwent a -12.7% price decrease. Some rural districts saw even sharper declines: Eichsfeld in Thuringia had a -29.9% drop, Kyffhäuserkreis in Thuringia experienced a -26.1% plunge, Bayreuth district's prices dropped by -24.8%, Saale-Holzland (Thuringia) had a -24.5% fall, and Altenkirchen in Rhineland-Palatinate recorded a -22.7% decline.
Notable price reductions happened in these large cities: Stuttgart (-16%), Munich (-14.4%), Düsseldorf (-14.1%), Frankfurt (-13.1%), and Hamburg (-12.7%). Certain rural regions also observed significant price drops: Eichsfeld (Thuringia) (-29.9%), Kyffhäuserkreis (Thuringia) (-26.1%), Bayreuth district (-24.8%), Saale-Holzland (Thuringia) (-24.5%), and Altenkirchen (Rhineland-Palatinate) (-22.7%).
Price tags in Munich stand at 8909 Euros/sqm, Hamburg at 6230 Euros/sqm, and Frankfurt am Main at 6179 Euros/sqm. Exclesior districts include Nordfriesland (Schleswig-Holstein, 8867 Euros/sqm), Miesbach (Bavaria, 8166 Euros/sqm), and Starnberg (Bavaria, 7197 Euros/sqm).
The region with the lowest housing prices is the Vogtlandkreis in Saxony, where buyers of condos pay an average of 936.93 Euros per square meter.
Will you buy now or wait for lower prices? Postbank's real estate and financial experts are predicting a "price dip," after which residential properties could potentially be more expensive to purchase.
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Source: symclub.org
