The latest evaluation of the German Real Estate Index (GREIX) shows considerable price differences for condominiums in German cities. City centers are considered to be particularly expensive. However, practically all major cities offer affordable alternatives to these central locations. This diversity allows potential buyers to choose individually according to their needs and financial means.
The price differences between the most expensive and least expensive districts in cities such as Cologne and Hamburg are particularly striking. Buyers there pay almost twice as much in the more popular districts as in the less popular ones. In Cologne, for example, condominiums in the city center cost 5,600 euros per square meter. In Cologne's Porz district, on the other hand, a square meter of a condominium costs just EUR 2,800.
Although prices for condominiums have fallen by almost 10 percent compared to 2022, the housing situation in German cities remains tense. "For normal earners, condominiums in central, well-connected locations are hardly affordable anymore. This is a particular problem when it comes to attracting skilled workers from Germany and abroad to relocate. Urban planners could help by improving connections to the less popular and in some cases still affordable peripheral districts," says Jonas Zdrzalek, Kiel Institute Researcher and project manager for GREIX. The GREIX, a project of the IfW Kiel in cooperation with other institutions, offers a detailed analysis of real estate prices at district level.
Sources/further information: idw-online.de/ifw-kiel.de
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