Real estate: This is how the prices for apartments in Germany have risen

The prices for real estate in Germany are rising sharply. According to the Federal Statistical Office at the end of September, residential property prices rose by an average of 10.9 percent in the second quarter of this year compared to the same quarter of the previous year.

The real estate portal “Immowelt” has determined how the offer prices have developed this year compared to the previous year.

The most expensive city is Munich with a median of 8,490 euros per square meter, prices here rose by eleven percent. In other large cities, the increase was sometimes significantly higher.

The prices for real estate in Germany are rising sharply. As the Federal Statistical Office Announced at the end of September, the prices for residential real estate rose in the second quarter of this year by an average of 10.9 percent compared to the same quarter last year. That was the largest price increase since the time series began in 2000.

The real estate portal “Immowelt” * has determined how the offer prices have developed this year compared to the previous year and for which prices the apartments were advertised on the portal. The prices are the median, i.e. the mean value, of the asking prices between January and October 2020 and 2021. These are purchase prices for existing apartments (40 to 120 square meters), which were in increasing demand.

The analysis was carried out for Germany and broken down into the regions north, east, south and west. We looked at where it is most expensive and where prices have risen particularly sharply. These are the results.

North: Hamburg leads the way

In the cities in the north, prices in Hamburg have increased the most. In the Hanseatic city, the purchase prices for existing apartments rose by 20 percent compared to the same period in the previous year. The median price per square meter is 5630 euros. In Kiel the square meter price is currently 3500 euros, it is cheaper in the Hanover (2850 euros) Braunschweig (2770 euros) or Osnabrück (2510 euros) region. According to the analysis, however, it is most expensive in the district of North Friesland, which includes holiday resorts on the North Sea such as St. Peter-Ording and the island of Sylt. Here the prices rose by nine percent, to an impressive 7060 euros per square meter.

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East: Erfurt shows the strongest increase

The front runner among the most expensive cities in the east is Berlin, where the median price per square meter is currently 4690 euros. Compared to the same period in the previous year, this is an increase of six percent. Potsdam is just behind with 4670 euros per square meter, but an increase of 21 percent. It is also comparatively expensive in Rostock (3450 euros), which recorded an increase of 23 percent. In Leipzig, prices rose by 20 percent to 2550 euros per square meter. Erfurt recorded the strongest increase in the cities (plus 27 percent), in the state capital of Thuringia the purchase price is therefore 2530 euros per square meter.

South: 8490 euros per square meter in Munich

Condominiums are the most expensive in Munich. The square meter price is 8,490 euros, an increase of eleven percent. It is also expensive in the area around the Bavarian capital. In the district of Munich the median is 6990 euros, in Starnberg it is 6670 euros. In Rosenheim the prices rose by a whopping 21 percent to 4910 euros and in Bad Tölz-Wolfratshausen by 21 percent to 5690 euros.

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In Baden-Württemberg, Freiburg (5090 euros) overtook the state capital Stuttgart (4940 euros). In Freiburg, prices increased by 14 percent compared to the same period in the previous year, and in Stuttgart by ten percent. In Ulm, prices even rose by 16 percent, here the price per square meter is currently 4240 euros. Prices rose the most in the Bad Kissingen district. This is an increase of 32 percent at current prices of 2220 euros per square meter.

West: 5710 euros per square meter in Frankfurt

With a plus of 26 percent, Leverkusen recorded the strongest increase among the major cities in the west. Here the median is now 2950 euros. It is more expensive in the neighboring cities of Cologne (4250 euros) and Düsseldorf (4500 euros). In the west, however, it is most expensive in Frankfurt. In the banking metropolis, the median price per square meter is currently 5710 euros, an increase of 13 percent compared to the same period in the previous year.

The smaller cities are also seeing sharp price increases. In Darmstadt, for example, prices rose by 14 percent to 4,390 euros, in Wiesbaden by 16 percent to 4,200 euros. In Mainz, the square meter is currently 4000 euros (plus 14 percent). In Kaiserslautern (plus 23 percent) and Worms (plus 25 percent) prices rose sharply, but living here is still comparatively cheap, with 2060 euros per square meter in Kaiserslautern and 2770 euros in Worms.

* Disclaimer: The Immowelt platform, like Business Insider GmbH, belongs to Axel Springer SE

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