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Luxury real estate crisis: sales figures in Hamburg halved!
Hamburg hits housing crisis: luxury real estate sales collapse! Read about the dramatic decline in premium real estate in the Hanseatic city. Get all the details about it in this article.
Luxury real estate crisis: sales figures in Hamburg halved!
The housing crisis has hit Hamburg hard, particularly the sale of luxury properties. According to an analysis by the premium real estate agent Dahler, only half as many condominiums from €3,000/m² were sold last year as in the previous year. The study was based on the evaluation of all purchase contracts for 2023 that were concluded by notaries in Hamburg.
The effects of the housing crisis also extend to the luxury segment. Only 200 premium apartments changed hands, compared to 420 last year. There was a slightly smaller decline of 30 percent for expensive houses and villas. Instead of 422 purchases, only 292 sold single- and two-family houses with a price of 500,000 euros and higher were registered by Hamburg's notaries.
Despite the decline, there were still notable record prices. According to agent Björn Dahler, the most expensive villa was sold in Winterhude for 15.7 million euros, while the most expensive condominium was in Harvestehude with a price of 7.3 million euros.
On average, prices per square meter for luxury properties fell by seven to eight percent. However, at peak prices of up to 26,300 euros per square meter could be achieved for a condominium on Uhlenhorst.
There are signs of a change, as Dahler emphasizes. There has been a significant increase in demand since the beginning of the year. Prices are stabilizing and potential buyers are placing greater value on energy efficiency. Today, even for villas on the Elbchaussee, a thermally insulated roof is an important criterion.
The most sought-after location for luxury properties was west of the Alster with 66 transactions of apartments over 10,000 euros per square meter. In the area of luxury houses, the Elbe suburbs dominated with 118 sales, followed by the Alster Valley with 85 sales.