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Lokstedt has the Largest Price Increases

In the years from 2006 to 2009 the sales price per square metre for newly built condominium apartments in 21 districts of Hamburg increased by an average of 6 percent per year. The biggest price increase, amounting to 9.5 percent per year, was recorded in the district of Lokstedt. This is the result of a study on the Hamburg property-developer market undertaken by the real-estate service company Grossmann & Berger. This study evaluates in detail, for the very first time, the real estate offered by the 21 Hamburg districts showing the highest level of newly built properties.

Price Increases in Every City District

Other than expected, the study identified the largest rate of price increases as taking place in Lokstedt (9.5 percent p.a.) and in Barmbek-Süd (9 percent p.a.). "Both districts are very popular, because they have, in parts, a residential quality similar to that in Eppendorf and Winterhude, but are still less expensive,“ said Frank Stolz, the initiator of the study and head of Residential Projects at Grossmann & Berger. The high rates of increase can be explained in terms of the relatively low price levels, from which both of these districts started. Still ahead of Rotherbaum (7.5 percent p.a.) and Harvestehude (7 percent p.a.), with a traditionally high price level, are St. Pauli, Sternschanze and St. Georg, each with a price increase of 8 percent p.a. The most moderate price increases were recorded in Uhlenhorst, Eilbek and Hohenfelde, each of which showed a rate of 3.5 percent p.a. "We expect that the price gap between the 21 popular districts covered by the study and the less central districts of the city will increase still further in the future," said Frank Stolz.