Market survey Hamburg and the environs: Prices continue to rise steeply

Grossmann & Berger figures about existing housing market 2018/2019


Press release | Hamburg
10.12.2018


Prices of existing housing will increase in 2019 in both Hamburg and its environs thanks to the ongoing mismatch between supply and demand. Especially in the case of apartments/condominiums in the environs, Grossmann & Berger expects high demand to drive up prices significantly. The G&B Price Trend indicates that in 2019 prices for standard apartments* will rise by 10.3% and for standard single family homes** by 6.7%. Similarly high rises compared with 2018 are to be expected for apartments and houses within city limits, with increases of 10.3% and 6.5% respectively.
 
Apartment and house prices have risen most in the environs
In parts of the metropolitan region of Hamburg, prices rose higher than Grossmann & Berger’s forecasts for 2018. “This is particularly true of locations at the outer edges of the city and in the environs of Hamburg. The reason is an ongoing shift of demand in favour of the municipalities in the environs due to the shortage of available properties and the high prices demanded for those in the most popular parts of Hamburg itself,” explains Lars Seidel, managing director of Grossmann & Berger. “With improved infrastructure and a greater reserve of building land, the surrounding municipalities are becoming even more attractive,” adds Andreas Gnielka, head of department, residential properties and letting. That the prices of houses and apartments in the environs have risen at steeper rates overall is evident from the way the G&B Price Trend has developed between 2015 and 2019. Prices have increased appreciably more in the environs, where apartments are now up by 39.1% and houses by 18.5%. Within Hamburg city limits apartments sold for 26.5% more, houses were up by 16.7%. In 2019 Grossmann & Berger expects to see the biggest price surges for buyers of apartments and houses in the environs, specifically in the municipalities of Dassendorf, Geesthacht, Tremsbüttel and Bönnigstedt.
 
Apartments in the environs will cost the same as houses in 2019
Grossmann & Berger’s research shows than in 2019 the average selling price for an apartment in the city area of Hamburg will be €4,300/m² of living space. The forecast figure for houses is €4,900/m² of living space. In the environs the G&B Price Trend indicates that both apartments and houses will sell for €3,200/m² in the year ahead. “This is the first time that prices paid for apartments and houses in the municipalities surrounding Hamburg have converged. It underlines the significant increase in the prices paid for apartments in recent years,” says Gnielka.
 
City area 2019: The €10,000 mark for one square metre of space has been reached
A survey of the square metre prices attainable in the separate city districts and municipalities reveals that there can be considerable variation on both sides of the average price. In 2019 the highest buying prices will be found in Hamburg’s Harvestehude district, with average amounts of €8,300/m² of living space being paid for apartments and €10,000/m² for houses and town villas***. Apartments will sell for least in Rönneburg, where the average is set to be €2,600/m² and houses will be cheapest in Wilstorf, at €2,700/m².
 
Environs 2019: square metre prices of up to € 4,100/m² of living space
The G&B Price Trend shows prices for apartments in the municipalities surrounding Hamburg ranging in 2019 from an average of €1,600/m² in Drage to €4,000/m² in Wohltorf. The municipality with the lowest-priced single family houses is Rausdorf, where the average cost is €1,700/m², the most expensive properties are in Wentorf with an average of €4,100/m².

 
Rising Stars: municipalities around Hamburg have great potential
As in the prior year, Grossmann & Berger sees special potential for brisk demand and price growth in 2019 in the municipalities of Pinneberg and Norderstedt (environs). Next year, new “Rising Stars”**** will be the Hamburg districts of Bergedorf, Rahlstedt and Wilhelmsburg; in the environs, Buchholz in der Nordheide, Buxtehude, Quickborn and Geesthacht may be added to this list. Of the Rising Stars in the city, Grossmann & Berger expects Wilhelmsburg to be the one where prices soar highest. Apartment prices are expected to rise here by 16.1% compared with 2018 and house prices by 13.8% - the highest increases forecast. Due to the enormous development potential, especially for waterfront real estate, a price boom is likely in the town of Geesthacht, 30 kilometres south east of Hamburg. In the year ahead this town will see by far the greatest price increases of any in the survey, with the forecast price of apartments rising by 26.3% and of single family homes by 25%. However, Geesthacht is also the Rising Star that still posts the lowest property prices compared with those in Hamburg. Average selling prices for apartments in 2019 will be €2,400/m² and thus 44.2% below the level seen in Hamburg. House prices are a massive 49% lower than in Hamburg (€2,500/m² of living space). Rising prices in the environs are a reflection of the growing demand for residential properties in the metropolitan region of Hamburg. In response to this trend to buy in the environs of Hamburg, Grossmann & Berger will be opening a new office in Norderstedt in spring 2019.

The detailed market report may be downloaded from our Website.
 
G&B Price Trend: Assessment of the attainable prices for standard properties, well constructed and fitted out, in good residential neighbourhoods:
* Standard condominium: vacant, 3 rooms, around 80 m² living space, 1st upper floor, lift (elevator), fitted kitchen
** Standard single family house: detached, with cellar, at least 130m² of living space, plot size typical for the location
*** Standard town villa: 2 to 3.5 stories, at least 150 m² of living space, lavish fit-out, garden
**** Rising Stars: Evaluation of all districts in Hamburg city area and the environs in terms of prices, changes in prices, changing demand, accessibility via train services, quality of location, development prospects.

Source graphics: Grossmann & Berger

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Berit Friedrich


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b.friedrich@grossmann-berger.de

040-350 802 588
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