08.12.2020 – 09:22
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City comparison test 2020 by WirtschaftsWoche and ImmoScout24
Fresh wind in the north: the northern lights of Hamburg, Kiel and Lübeck show a dynamic location development
Hamburg, Kiel and Lübeck show encouraging economic dynamism in the annual city ranking by ImmoScout24 in cooperation with WirtschaftsWoche and the Institut der Deutschen Wirtschaft. In the overall view of all dynamic indicators, the northern lights land in front of southern German centers such as Augsburg, Freiburg, Karlsruhe, Fürth and Ingolstadt this year. Rostock is also showing good development.
Kiel makes the biggest leap forward
The dynamic ranking of the annual city comparison test analyzes 36 indicators of economic strength development. Lübeck has risen by 10 places compared to last year and has achieved a strong 6th place among all major German cities with over 100,000 inhabitants. Hamburg rose from 22nd to 13th place. Kiel made up 17 places and landed in 17th place. The northern cities showed a higher economic dynamic than southern German centers such as Augsburg (18th place, -10), Freiburg im Breisgau (20th place, +5), Karlsruhe (24th, -1 ), Fürth (place 27, -24) and Ingolstadt (place 33, +6). The Hanseatic city of Rostock has also risen by 10 places and is at least 34th place.
Lübeck shines in terms of economy and quality of life
Lübeck is ranked 8th in the “Economy” sub-area of the dynamic ranking and is the best among all northern lights cities. Kiel achieved a strong 14th place in this sub-area. The driving force is the positive development of the municipal tax force (10th place in all large cities). Compared to 2014, the tax power per inhabitant rose by just under 326 euros to 842 euros by 2019. Lübeck also scores in the sub-area “quality of life” and ranks 2nd in this indicator. This is mainly due to the improved density of hospital beds (1st place) and the increased number of overnight stays per inhabitant (3rd place). Only the trade fair cities of Munich and Frankfurt am Main achieved more.
Tourism as a strong economic driver for Lübeck, Rostock and Hamburg
Tourism is of great importance for the northern German cities. The best place after Lübeck with third place is Rostock with sixth place. Hamburg is also an attractive destination for many tourists and ranks 7th in the development of guest overnight stays per inhabitant. The development of the absolute number of overnight stays in the Elbe metropolis is also high. In 2013, Hamburg recorded almost 11.5 million overnight stays. By 2018 the number rose by 3 million to 14.5 million. This means that an average of 39,000 visitors stay overnight in Hamburg every day. In terms of the number of overnight stays per resident, all six Northern Lights are among the top 26.
Apart from tourism, the economy in Hamburg developed dynamically. The Elbe metropolis thus made it to 9th place among all major German cities in this sub-area of the dynamic ranking. The municipal tax force per inhabitant (4th place) has increased in the last five years and the trade balance (16th place) has also increased.
“In the current city ranking by ImmoScout24, WirtschaftsWoche and the Institut der Deutschen Wirtschaft, the northern German cities are showing a gratifying dynamic. Hamburg, Kiel and Lübeck stand out with their positive development as growth engines in the north. In comparison to the southern German cities, the price structure of their local real estate markets is still moderate and therefore attractive for investments, ”comments Dr. Thomas Schroeter, managing director of ImmoScout24. “The effects of the corona pandemic, especially in the tourism sector, have not yet been taken into account in the current city ranking. It remains to be seen how well the northern German cities can cushion them. ”
Real estate market – northern cities more affordable than southern cities in Germany
In Hamburg, the asking prices for rental apartments averaged 11.32 euros per square meter in the second quarter of 2020. Within five years, rents in the Elbe metropolis rose by 20.4 percent. At 25.1 percent, asking prices grew even more in Lübeck. Here the rental price averaged EUR 8.78 per square meter. In Kiel, rents were at the same level (8.47 euros per square meter, +19.8 percent). It’s even more affordable in Bremen. In the musicians city, the asking prices for rental apartments in the second quarter of 2020 were 7.90 euros per square meter. From 2015 to 2020 prices rose by an average of 15.5 percent. It is cheaper in Bremerhaven at 6.20 euros per square meter (+ 17 percent).
In the southern regions, the asking prices for rental apartments are significantly higher than in the northern cities. In Freiburg im Breisgau, rental apartments were offered for an average of EUR 12.66 per square meter in the second quarter of 2020 (+23.8 percent). Karlsruhe, Nuremberg, Ingolstadt and Augsburg are all just above the 10 euros per square meter mark. With 28.4 percent, the prices in Augsburg rose the most in these southern German centers.
The purchase prices for condominiums in the north are also at a lower level than in the comparable region of the southern cities. The average asking price in Bremerhaven in the second quarter of this year was 1,466 euros per square meter. Bremen follows with 2,333 euros and Lübeck with 2,519 euros per square meter. But here too, purchase prices rose sharply from 2015 to 2020: in Lübeck by 57.1 percent and in Rostock by 56.2 percent. Only the Hanseatic city of Hamburg is in the southern price structure. At 4,352 euros per square meter (+ 50.2%), the city is more expensive than Augsburg with 4,075 euros (+ 82.4%), Karlsruhe with 3,874 euros (+ 59.1%), Ingolstadt with 3,716 euros (+32.3%) %), Nuremberg with 3,525 euros (+ 60.4%) and Fürth with 3,109 euros per square meter (+ 58.6%). The price per square meter in Freiburg is the highest at 4,507 euros (+ 45.8%).
A detailed table of data on selected northern and southern cities can be found in the PDF including the real estate market data.
You can find the entire city ranking here: https://www.immobilienscout24.de/unternehmen/news-medien/news/default-title/staedteranking-2020-der-grosse-staedtetest-deutschlands/. On request, we will also be happy to send you individual fact sheets for the cities of your choice.
About WirtschaftsWoche
WirtschaftsWoche is the leading business magazine in Germany. Over 100 employees, editors, reporters and correspondents around the world ensure comprehensive and well-founded reporting every week. WirtschaftsWoche reaches almost one million readers through a variety of media channels. Visit us also onwww.wiwo.de.
Via Institut der deutschen Wirtschaft Köln Consult GmbH
Since 1998, IW Consult Cologne has stood for extensive scientific expertise in the field of industry and regional analyzes, the assessment of location factors and future trends as well as the formulation of solutions for the economic development of companies and regions. IW Consult is a highly specialized service provider with great expertise in collecting and evaluating primary and secondary data on a wide variety of spatial scales and deriving specific action levels. A ranking of major German cities has been published regularly in WirtschaftsWoche since 2004. More information underwww.iwconsult.de
About ImmoScout24
ImmoScout24 is the leading online platform for residential and commercial real estate in Germany. ImmoScout24 has been revolutionizing the real estate market for over 20 years and supports 14.5 million users every month on their way to new homes or the right commercial space. That is why 99 percent of the target group know ImmoScout24. With its digital solutions, the online marketplace provides orientation and successfully brings owners, brokers and seekers together. ImmoScout24 is working on the goal of handling real estate transactions digitally and thereby making complex decisions easier for its users. ImmoScout24 has also been active on the Austrian residential and commercial market since 2012 and reaches around 3 million searchers a month.
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