Reluctance to buy and empty new apartments in Oberursel

Reluctance to buy and empty new apartments in Oberursel

The real estate market in Oberursel appears to be unaffected by national developments and is experiencing a dramatic collapse. In 2023, sales figures fell sharply, according to the latest real estate market report prepared by the Real Estate Values ​​Expert Committee. The committee chairman, Lothar Hecker, points out that purchasing reluctance has increased significantly. Last year only 358 transfers of ownership were recorded, including gift agreements and forced auctions. The transaction figures show a decline in all sub-markets due to increased interest rates.

A drastic decline was recorded in particular for new condominiums. Only twelve new apartments were sold in 2023, which is considered a historic low. The prices for new apartments continued to rise and reached around 6,800 euros per square meter. These prices turned out to be unaffordable, which led to a decline in sales. Even existing apartments saw declining sales figures, accompanied by price reductions of around ten percent.

Money turnover on the Oberursel real estate market also fell significantly. In 2023, sales amounted to around 165 million euros, compared to 315 million euros in 2021. Hecker predicts further price declines for new condominiums and a potential stabilization of prices depending on interest rate developments. The city of Oberursel is expected to use municipal instruments to promote housing and act countercyclically to improve supply on the real estate market.