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Germany’s luxury residential property market: Strong demand in first half-year of 2017

Top prices for luxury residential properties in Germany’s major cities have developed at a dynamic pace over the first half-year of 2017. This has emerged from an analysis by Engel & Völkers in the seven cities Berlin, Düsseldorf, Frankfurt, Hamburg, Cologne, Munich and Stuttgart. An apartment in Hamburg fetched the highest price in the freehold apartment segment, selling for 28,400 euros per square metre. In the house segment, the most expensive property changed hands in Munich for 16.8 million euros. The study is based on data sourced from civic valuation committees. “Overall, the German market for premium properties is witnessing a consistently high level of demand. Although when it comes to specific price trends in individual cities, we have identified significant differences,” said Kai Enders, Member of the Board of Engel & Völkers AG. For this reason, luxury properties cannot be defined in terms of a fixed general price range, according to Engel & Völkers. The company’s analysis of the luxury residential property market in Germany is therefore focused on the highest priced five percent of transactions in each city. Absolutely top properties only come onto the market sporadically in Germany. As a result, prices for premium properties in each city can differ dramatically from year to year.

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Freehold apartments: Highest priced sale in Hamburg
In the first half-year of 2017, top prices per square metre for freehold apartments in the locations surveyed have risen for the most part. Hamburg overtook the capital Berlin here, which had come top during the same period in the previous year. An apartment in Hamburg’s “HafenCity” sold for the highest price per square metre of all the cities surveyed in the first half-year of 2017 – at 28,400 euros. The transaction volume for exclusive apartments in Hamburg was also higher during this period than in the first half-year of 2016. “One factor responsible for the growth in transaction volume is the high demand for premium apartments in the ‘HafenCity’ district,” said Kai Enders.

The top price in Düsseldorf was similarly high to Hamburg. An apartment in the “Heerdt” district sold for a price per square metre of 26,100 euros. This constitutes a rise of over 60 percent in the top price fetched in the city compared to the same period in the previous year (H1 2016: 16,000 euros/m2). Whereas the transactions in Düsseldorf’s premium segment centred around “Heerdt”, sales in Munich were more spread out geographically. The majority of exclusive freehold apartments changed hands in the districts “Altstadt”, “Schwabing”, “östliche Maxvorstadt” and “Sendling/Isarvorstadt”. Selling for 20,700 euros per square metre, an apartment in “Sendling/Isarvorstadt” achieved the third-highest price per square metre in the current Engel & Völkers city comparison.


Detached and semi-detached properties: Munich once again the frontrunner
In the segment for detached and semi-detached properties, Munich ranks in first place, as it did for the first half-year of 2016. A property in the “Neuhausen” neighbourhood sold for the highest sale price by far in the first half-year of 2017, at 16.8 million euros. In addition to “Neuhausen”, “Nymphenburg” also ranked among the Munich districts with the highest revenues from house sales at the luxury end of the market.

In Hamburg, sales of particularly high-end detached and semi-detached homes centred around the traditionally upmarket Elbe suburbs including “Nienstedten”, “Blankenese” and “Othmarschen”. The highest priced property sold in the north German city was in “Nienstedten”, changing hands for 6.9 million euros. Compared to Munich and Hamburg, transactions in Stuttgart’s premium segment were not concentrated on any particular geographical area of the city. The highest sale in the detached and semi-detached property segment was for 4 million euros in the “Dachswald” district.  


Outlook: Germany’s luxury property market set to remain attractive
The market for luxury residential real estate in Germany is dominated by wealthy national buyers. Relatively few international clients also showed an interest in premium properties in the cities surveyed by Engel & Völkers. The demand from abroad focused mainly on the capital Berlin. “We expect the high level of demand for exclusive properties in Germany’s premium locations to continue,” said Kai Enders. 


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