Prices for residential properties in Lüneburg and its environs* continue to trend upwards. This conclusion is reached by property services provider Grossmann & Berger, whose calculations appear as the latest Price Trend included in the new Market Survey
. “Buyers of residential properties in all parts of both Lüneburg and the neighbouring communities will face rising prices in 2018 too,” forecasts Andreas Gnielka
, head of residential building stock/letting at Grossmann & Berger. It is to be expected that the average selling price of apartments/condominiums*** in Lüneburg
will rise over the course of next year by 7.3% to €2,660/m² of living space, and of single family houses by 6.5% to €2,790/m². Grossmann & Berger calculates that the prices of apartments in the environs
of Lüneburg will rise by 8.2% to €2,110/m² of living space and by 6.4% to €2,150/m² in the case of single family houses.
Price forecasts proved correct
“Our Price Trends for 2017, published in our first market survey one year ago, all proved to have been correct. Prices have indeed risen in all locations,” adds Gnielka
. From 2016 to 2017 the average price paid for single family houses inside city limits
climbed by 6.5%; apartment prices rose by 7.8%. In the environs,
the price of a single family house rose by 6.3% and of an apartment by 7.1%.
Environs post greatest rates of increase
“During 2018 we expect to see appreciable price rises in Lüneburg’s environs, especially in the communities bordering the city. Rather like Hamburg, prices in the city have risen so high and the supply is so meagre that many people looking to buy a home are investigating out of town options,” says Regina Trope
, Grossmann & Berger sales manager for Lüneburg. “But that does not mean demand is dropping in Lüneburg itself. Many buyers are willing and financially able to pay the high prices. Therefore we expect to see prices rising appreciably in the city locations too,” says Trope
Lüneburg city 2018: top prices paid in Rotes Feld
In 2018 the most expensive apartments and houses in Lüneburg will be in the Rotes Feld district. Next year, single family houses in the district can be expected to sell for an average of €3,820/m² of living space, apartments for €3,780/m². New build projects under development here are selling for up to €4,750/m² of living space. “There are hardly any new builds on offer in Rotes Feld. In isolated cases a house may be demolished to make way for a multi-family home. We also see refurbishments of older buildings,” says Trope
. Within city limits apartment prices will rise in 2018, particularly in the best residential locations such as Oedeme (+9.2%) and Rotes Feld (+8.0%). Grossmann & Berger expects to see the biggest growth in house prices in Rotes Feld (+9.1%) followed by Oedeme (+7.6%) and Bockelsberg (+7.0%).
Lüneburg’s environs 2018: biggest prices rises in Adendorf
In the communities that border Lüneburg, the sellers of either apartments or single family houses can expect to obtain, on average, almost identical prices per square metre in 2018. Grossmann & Berger has identified the biggest price increases to be expected in 2018 as 9.2% for apartments and 8.8% for single family houses in Adendorf. In 2018 the highest square-metre prices in the environs of Lüneburg will be obtained here, at €2,730/m² for apartments and €2,830/m² for single family houses. “Despite the shortage of properties for sale at the moment, Adendorf remains very popular. In every case, the prices paid for land are well above the (official) standard land values,” reports Trope
. The shortage of real estate in Lüneburg and Adendorf makes Bardowick, with its own train station, an alternative for many prospective buyers of property. Accordingly, Grossmann & Berger expects price rises in Bardowick to be the second-biggest in the environs of Lüneburg in 2018. Apartment prices are likely to rise by +8.3% to €2,490/m² of living space, single family house prices are set to rise by +6.8% to €2,350/m². However, a wind farm near Bardowick could affect house prices.
First survey of residential locations with potential
As a new feature in the market survey Grossmann & Berger has identified locations that have progressed especially well or in which new residential developments are planned. These include, in addition to the central locations Altstadt/Innenstadt, Rotes Feld and Schützenplatz, the city districts of Oedeme, Lüne-Moorfeld and Goseburg-Zeltberg. “Our study flags up Oedeme in particular,” says Trope
. “Between 2015 and 2018 apartments in Oedeme will increase in value by a quarter or more, rising to 2,840 euros per square metre of living space, and the value of single family houses will rise by a third to 3,120 euros per square metre.” House-hunters appreciate the district’s proximity to the city centre plus the good local shopping, amenities and transportation. Of the communities in the environs, Grossmann & Berger sees Adendorf and Bardowick as residential locations with potential. Apart from the anticipated price rises already mentioned, this assessment is underpinned by planned new build developments such as “Kirchweg West” and “Nördliche Rehkule”.
G&B Price Trend
: Assessment of the attainable selling prices for the following standard properties, well constructed and fitted out, in good residential neighbourhoods:
* Environs: Adendorf, Bardowick, Gellersen, Ilmenau, Ostheide and Scharnebeck
** Standard single family house: detached, with cellar, at least 130m² of living space, plot size typical for the location
*** Standard apartment/condominium: vacant, 3 rooms, around 80 m² living space, 1st upper floor, lift (elevator), fitted kitchen
Source of graphics: Grossmann & Berger GmbH
Caption: Due to its nearness to the city centre or Lüneburg single family houses like this one are sought after very much. Grossmann & Berger brokered this house during 2017.
Source of picture: Grossmann & Berger GmbH