Oberursel real estate market: reluctance to sell leads to vacancies

Oberursel real estate market: reluctance to sell leads to vacancies

The Oberursel real estate market has experienced a dramatic slump, which is reflected in sharply declining sales figures. According to the current real estate market report from the expert committee for real estate values, the federal trend is clearly noticeable in the urban area. In 2023, sales figures have fallen drastically, which is due to strong purchasing reluctance and the enormous price demands in the new construction sector. The office of the expert committee only recorded 286 purchase contracts, a noticeable decline compared to previous years.

Particularly affected by this slump are new condominiums, of which only twelve were sold in 2023 - the lowest number since sales contracts began to be recorded in 2002. In contrast, significantly more new apartments were purchased in previous years. The prices for apartments were so high that they could hardly be financed, which led to a backlog of purchases on the provider side. The average cost for a new apartment was around 6,800 euros per square meter, which has doubled since 2012.

The reluctance to buy is also reflected in the money turnover of the real estate market, which was around 165 million euros in 2023, compared to 315 million euros in 2021. The most expensive detached single-family home sale was 4.45 million euros; Terraced and semi-detached houses as well as condominiums were traded at reduced prices. The city is planning a counter-cyclical approach to improve the housing situation and use municipal instruments effectively. A possible introduction of a qualified rent index is being discussed in order to regulate the tense housing market and activate the rent cap.