The demand for residential property in Germany remains high in metropolitan areas, many of the major cities and university towns, as well as in smaller affluent locations with a high level of purchasing power and desirable holiday destinations. Residential prices continue on an upward trend accordingly, albeit with noticeable variations between regions. These are the findings of the "Market Report on Residential Property in Germany 2014/2015", published by Engel & Völkers.
The market report provides a comprehensive overview of the current market and price developments for detached and semi-detached homes, freehold apartments and rental properties in 60 different locations. The in-depth atlas is based on the market expertise of Engel & Völkers Shops in Germany, as well as data collated in the respective official reports from the Property Value Committee.
"We are witnessing the highest prices for apartments in the cities of Munich, Hamburg, Berlin, Frankfurt, Cologne, Stuttgart and Düsseldorf," said Kai Enders, Member of the Board of Engel & Völkers AG. In the first half-year of 2014, up to 16,000 euros per square metre were paid for freehold apartments at very good addresses in Munich and Hamburg, closely followed by Berlin, where prices of up to 15,000 euros per square metre were achieved. In the segment for detached and semi-detached properties, price highs of up to 13 million euros were reached at very good addresses in Munich. In addition to major cities, top prices of as much as 10 million euros and 5.5 million euros were also registered in the smaller yet affluent locations of Starnberg and Baden-Baden, respectively. The maximum price attained in Bad Homburg was 5 million euros. In all locations surveyed, unique homes in the most sought-after premises were sold for sums far in excess of the price highs quoted.
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