NRW-Bank Housing Market Report 2023 for Wesel District: Prices are rising for new buildings

NRW-Bank Housing Market Report 2023 for Wesel District: Prices are rising for new buildings

According to a report by www.nrz.de, the NRW-Bank's 2023 housing market report shows that prices for new buildings in the Wesel district have risen significantly, especially for single-family homes by 9.7 percent. At the same time, construction activity declined in the first half of 2023, which further influences price developments. Although interest rates have fallen, prices are likely to continue to rise.

Impact on the real estate market

New building

Rising prices for new construction could deter potential buyers and further reduce supply. This, in turn, could cause prices to rise further as demand exceeds supply.

inventory

Prices for single-family homes in the Wesel district fell by 3.6 percent, which benefits buyers. However, this trend could reverse in the medium term, as experts believe that prices could rise again over the course of the year.

forecast

Despite the current decline in prices, rising costs in new buildings and existing buildings could lead to a turnaround in the medium term. The demand for living space in the Wesel district remains high, which could lead to further price adjustments.

The NRW Bank data is based on extensive data sets from a wide variety of sources, which are analyzed at municipal, district and state level. Forecasts are used, but not calculated themselves, and are based on official data on population, social benefits, land market, construction activity, economy and labor market.

The results of the NRW-Bank's 2023 housing market report show clear trends in the real estate market in the Wesel district that potential buyers and investors should keep an eye on.