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Real estate prices stabilize after interest rate turnaround
Discover the current real estate prices on the market in your region: Market analysis shows record values despite price declines. Find out more at Life & Knowledge.
Real estate prices stabilize after interest rate turnaround
The change in interest rates began a sudden downward trend in real estate prices, which, according to analyses, now appears to be coming to a standstill. Despite sharp price losses in recent years, houses and condominiums have not really become cheaper over a longer period of time. The highest price per square meter that a buyer has ever paid was recorded in Munich.
In the north-east region, especially in Dresden, prices for single- and two-family houses rose by 0.73 percent between January and March 2024. There was a decline of 2.6 percent for condominiums. Nevertheless, the price level in Dresden remains high, as buyers pay an average of 2,944 euros per square meter, which corresponds to an increase of 264 euros in four years. In comparison, buyers in Hamburg invest an average of 4,266 euros per square meter and in Berlin 4,931 euros.
In the West region, particularly in Dortmund, Düsseldorf and Cologne, the analysis showed that there was little change in property prices in the first quarter of 2024 compared to the end of 2023. Only Cologne showed a slight increase in the price of apartments. In Düsseldorf the average price for a condominium is 3294 euros per square meter, while in Dortmund it is 2159 euros and in Cologne 3409 euros.
In the southern region, consisting of Munich, Stuttgart and Frankfurt/Main, the sharp increase in real estate prices has eased since the end of 2022. Nevertheless, buyers in Munich pay record prices of 19,000 euros per square meter for their own house. In Stuttgart it is 11,789 euros and in Frankfurt/Main 14,516 euros per square meter.