Decline in real estate prices in Bad Homburg: 2023 market report analyzed

Decline in real estate prices in Bad Homburg: 2023 market report analyzed

The real estate market in Bad Homburg is taking a break, as the market report for 2023 shows. Last year, some properties were actually significantly cheaper to purchase than before, with a decline of up to 10 percent. This decline is attributed to several factors, including the rapid rise in interest rates and the massive increase in construction costs. In addition, high inflation, questions about energy costs and potential obligations to upgrade heating systems caused uncertainty in the market.

The previous “seller’s market” with few offers that sold quickly has changed. There are now more offers that are also available over a longer period of time. The total number of contracts analyzed also shows reluctance. Only 345 real estate transactions could be taken into account, the lowest number since at least 2010. This was also reflected in the total turnover, which was only 299.4 million euros in 2023, the lowest value in the 7-year period analyzed.

Despite this development, purchase prices remain at a high level. Almost all house types could be purchased for less money compared to the previous year. There was also a significant decline in residential property at a high price level. Mayor Alexander Hetjes emphasizes the importance of the market report as an important tool for real estate investors in Bad Homburg. High-quality residential properties remain in demand, which underlines the city's attractiveness even in difficult times.