First residential market survey in Lüneburg by Grossmann & Berger

Press release | Lüneburg

The market for residential properties in Lüneburg is booming. The Price Trend tool developed by property services provider Grossmann & Berger supplies the figures to back this observation. The Price Trend represents an estimate of the prices people are willing to pay for real estate of defined standard. In 2016 the Price Trend for standard single family houses* in Lüneburg was 7.4% higher than in 2015; for standard condominiums** it rose by 6.5%. In 2017 Grossmann & Berger expects to see further growth of 6.5% for standard houses and 7.8% for standard apartments in Lüneburg.

First residential market survey in Lüneburg by Grossmann & BergerFirst residential market survey in Lüneburg by Grossmann & Berger
Close to Hamburg yet distinct
“Figures show that in recent years the prices for residential properties in Lüneburg have risen to levels not far below Hamburg’s,” comments Andreas Gnielka, head of residential building stock/letting at Grossmann & Berger. “On the one hand the city benefits from its good transport links with Hamburg and its appeal as a place to work. On the other hand, Lüneburg has an infrastructure that allows it to remain distinct.” The average prices now being paid within Lüneburg city limits are €2,460/m² for standard houses and €2,300/m² for standard apartments.

Price Trend for the city and its environs
This contains the key messages about the residential property market and its environs, which Grossmann & Berger has compiled and included in its first market survey of the historic salt-trading town. It is the first survey conducted by a locally-based property company to analyse the entire Lüneburg market for residential properties. “The core content of the market survey is the G&B Price Trend for the city, its central locations and the environs, which gives owners an indication of where prices are going this year and next,” explains Regina Trope, sales manager for Grossmann & Berger in Lüneburg. “In addition, we provide information about supply and demand, major new building projects, rent levels and residential property investments in Lüneburg.”

City area 2016: Rotes Feld and Wilschenbruch command top prices
Grossmann & Berger ascertained that the top selling price for standard houses is attained in the Lüneburg-Wilschenbruch district and for standard apartments in Lüneburg-Rotes Feld district, in both cases €3,300/m². The lowest prices being paid for standard houses are €1,900/m² in the Lüneburg-Goseburg-Zeltberg district; standard apartments are least expensive in Lüneburg-Kaltenmoor, at €1,500/m².

Environs 2016: Adendorf is priciest
The prices in Lüneburg’s environs climbed by 7.3% for standard houses and by 7.1% for standard apartments. “By environs we mean the communities that border directly on Lüneburg, i.e. Adendorf, Bardowick, Gellersen, Ilmenau, Ostheide and Scharnebeck”, says Trope. The average prices paid in the environs of Lüneburg are currently €1,900/m² of living space for standard houses and €1,820/m² for standard apartments. Grossmann & Berger’s research shows that Adendorf commands the highest prices in the environs of Lüneburg; current costs here are €2,400/m² of living space for standard houses and €2,300/m² for standard apartments. The lowest prices being paid for standard houses are €1,400/m² in Ostheide, and the least expensive standard apartments are to be found in Ilmenau and Scharnebeck, costing €1,600/m² of living space.

Outlook 2017
In view of current projections which show ongoing population growth, demand for residential properties in Lüneburg will remain high and stable. “Some 2,100 apartments are scheduled to be built in the next five years. But the fact is, supply is not keeping pace with demand,” says Trope. “We are expecting to see the biggest price rises in 2017 in the Lüneburg-Weststadt district of the city. The good public transport links and the presence of local amenities and shopping are major price drivers. Standard houses are set to become 12.0 per cent more expensive, standard apartments will rise by 13.6 per cent. We are also expecting to see further price rises in the environs of Lüneburg and an increase of more than five per cent in 2017.”

G&B Price Trend: Assessment of the attainable selling prices for the following standard properties, well constructed and fitted out, in good residential neighbourhoods:
* Standard single family house: detached, with cellar, at least 130 m² of living space, plot size typical for the location
** Standard condominium: vacant, 3 rooms, around 80 m² living space, 1st upper floor, lift (elevator), built-in kitchen

The detailed market survey is ready for download on our website.

Source charts: Grossmann & Berger GmbH

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