Suche
Mein Konto
Price decline for existing properties: Commerzbank expects 5-10 percent per year
House buyers beware: prices should fall! Find out why Commerzbank experts are predicting a decline of 5 to 10 percent and what impact this will have on the real estate market. Read now!
Price decline for existing properties: Commerzbank expects 5-10 percent per year
Good news for everyone who dreams of owning their own house in the countryside: the prices for existing properties are set to continue to fall. The experts at Commerzbank calculate that prices will fall by 5 to 10 percent by the end of the year.
“Low sales indicate further downward potential” in prices, according to the Commerzbank study. Because: Comparatively few properties are currently changing owners because many people cannot afford to buy with the currently higher interest rates and sellers do not want to lower the price.
But it won't work like this for much longer: "In the long run, the other owners will probably also realize that they can no longer reach the prices from 2021 for the time being and will have to make price concessions," write the Commerzbank experts.
This means that prices for existing properties can fall by 5 to 10 percent.
In addition, buyers are currently afraid of potentially expensive energy-saving renovations and are thinking twice about buying a house. If it needs to be fundamentally renovated, it will cost between 400 and 510 euros per square meter. The costs are now 20 percent more (480 euros to 612 euros per square meter). If the house is 150 square meters, the renovation costs 70,000 to 90,000 euros. About half could be financed through grants.
Real estate prices were already plummeting last year. The Federal Statistical Office recorded a price decline of 8.4 percent in 2023 - the largest year-on-year decline since the time series began in 2000.