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In 14 major German cities surveyed with more than 500,000 inhabitants, the purchase prices for apartments will rise sharply by the end of 2022.
Prices are rising the most in Dresden, Hamburg and Hanover. All three cities are up 14 percent. The price increase was lowest in Stuttgart (five percent).
This is the result of a purchase price forecast by Immowelt for the year 2022, which the real estate portal publishes once a quarter.
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The real estate comparison portal Immowelt has presented its price compass, which predicts the purchase price development for condominiums in 14 major German cities for the year 2022. The price compass is published quarterly and shows major German cities with more than 500,000 inhabitants. The apartments advertised on the portal form the basis for the analysis.
The cities of Berlin, Bremen, Dortmund, Dresden, Düsseldorf, Essen, Frankfurt, Hamburg, Hanover, Cologne, Leipzig, Munich, Nuremberg and Stuttgart were examined. In all cities, prices are likely to rise sharply, in eight of them by more than ten percent. Hamburg, Dresden and Hanover recorded the largest increase with 14 percent and Stuttgart the smallest with five percent.
777,000 euros for an 80 square meter apartment in Munich
An apartment with 80 square meters of living space in Hamburg is expected to cost 538,000 euros by the end of the year. Only in Munich is the price per square meter even higher – although the percentage increase in price is lower. 777,000 euros are due in Munich for an apartment of the same size. In Stuttgart, the city with the lowest increase, such an apartment will cost 430,000 euros, according to the forecast. And “significant increases” can also be expected in the “cheap” cities of the Ruhr area and eastern Germany. In Dresden, too, prices are expected to rise by 14 percent. According to the Immowelt forecast, an 80 square meter apartment would cost 287,000 euros towards the end of the year.
In this table you can find the prices broken down by the individual cities.
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For comparison: In the fourth quarter of 2021, an average 80 square meter apartment in Munich cost 59,000 euros less, so it was available for a total of 718,000 euros. In Hamburg, the price in the first quarter of last year was still 65,000 (total purchase price 473,000 euros) and in Dresden 35,000 (total purchase price 252,000 euros) lower. At the time, you paid 409,000 euros for a comparable apartment in Stuttgart, which was 21,000 euros less than the forecast for the end of 2022.
Jan-Carl Mehles, Group Leader Market Research, says that only when interest rates rise significantly could demand for residential real estate weaken “noticeably”. This could also weaken the price increase.
