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Cooperative buys house in Frankfurt at socially acceptable prices
"Community of heirs in Frankfurt sells house below value for socially acceptable rents. An exemplary model for affordable housing. Find out more at gima-frankfurt.de!"
Cooperative buys house in Frankfurt at socially acceptable prices
A community of heirs in Frankfurt recently deliberately sold an apartment building in the Ostend with seven apartments to the Frankfurt Officials' Housing Association (BWV) at a lower price in order to ensure permanently socially acceptable rents. Although the original purchase price was 1.6 million euros, the three owners agreed to a lower amount. One of the sellers plans to continue living in the house on Röderbergweg.
By purchasing the house, the BWV cooperative has increased its contribution to the housing supply in Frankfurt. BWV board member Matthias Henties emphasized that the purchase took place in a tense real estate situation, but that the house was ideal for them due to its location. Frankfurt's housing department head Marcus Gwechenberger (SPD) described the sale as an exemplary model that will hopefully motivate other cooperatives and owners to take similar paths to maintain affordable housing in the city.
In order to support owners who want to sell their properties at fair prices to buyers who are interested in the common good rather than profit, the city of Frankfurt launched the Cooperative Real Estate Agency Frankfurt (Gima) three years ago. According to Gima board member Robin Mohr, the news is spreading that real estate sales can also be designed in a socially responsible manner. However, in order to achieve more such cases, it is necessary to further improve the framework conditions for housing companies oriented towards the common good.