In 2022, real estate transactions in Germany fell by 16 percent compared to the previous year. This corresponds to 866,000 transactions. This is according to the Real Estate Market Report Germany 2023, published today by the Working Group of the Higher Expert Committees, Central Offices and Expert Committees together with the Federal Institute for Research on Building, Urban Affairs and Spatial Development (BBSR). Never before since 2009, when the real estate market report was first published, have so few purchase agreements been concluded.
Cash sales in 2022 fell by 16% compared to the previous year to €301.1 billion. The decline in the number of new condominiums sold (-43%), building plots for detached and semi-detached houses (-32%) and building plots for multi-family houses (-27%) was greater than for pre-owned properties. This is because the number of existing detached and semi-detached houses sold fell by only 9 percent, the number of existing apartments sold by 11 percent and the number of terraced houses and semi-detached houses sold by 12 percent.
There are still regional differences in terms of prices. While a 600 square meter building plot for a home in Munich costs around 1.4 million euros, prospective buyers in the districts of Hildburghausen (Thuringia) or Central Saxony (Saxony) can purchase a plot of the same size for as little as 12,000 euros. While the price of residential properties for sale fell, asking rents continued to rise - by 7.6 percent on a national average for relet apartments in the first half of 2023.
Sources and further information: idw-online.de/redaktion-akoga.niedersachsen.de
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