Financial expert: City of Göttingen plans to purchase homeless residential complex

Financial expert: City of Göttingen plans to purchase homeless residential complex

According to a report by www.ndr.de The city of Göttingen wants to become the majority owner of a residential complex that is considered a social hotspot. The city plans to renovate or demolish the run-down property and create new housing. The city administration speaks of sometimes inhumane housing and living conditions in the building complex. The city currently owns 22 apartments in the property and plans to purchase an additional 119 apartments to become majority owner.

The city council's decision to buy, demolish and rebuild the apartments is expected to influence the real estate market in Göttingen. The purchase of the 119 additional apartments and the planned demolition and construction of the property will lead to a decrease in the supply of available apartments in Göttingen. This could lead to an increase in property prices in other residential complexes or areas as demand for housing remains the same or increases.

However, the fact that the city intends to improve living conditions for residents is a positive signal for potential buyers and investors. It shows that the city is willing to invest in modernizing and improving its real estate portfolio, which could lead to positive economic development in the city in the long term.