In 2015 the pace of price increases for new-build apartments in Hamburg had slowed down, but in the first half of 2016, asking prices shot up again. In Hamburg the overall average square-metre price rose by some 17%, but in the top 16 residential locations* the increase was around 20%.
“On average, buyers pay 5,430 euros per square metre for a new-build apartment in Hamburg, in the top 16 residential locations the rate rises to 6,770 euros,” says Frank Stolz
, head of new-build business at Grossmann & Berger. “From our daily business activity it was clear that prices are rising. But the size of the increase did surprise us somewhat. The sideways drift seen in 2015 has disappeared completely. As in recent years, prices continue on an upwards trajectory, reflecting the strong demand from home-buyers for new-build apartments in Hamburg; this trend is very likely to continue throughout 2017 too.”Top 16 residential locations are focus of building activity
Of all new-build apartments which came onto the market in the 1st half of the year, the top 16 residential locations accounted for an over proportional share of 45%. A total of 379 units in 21 projects were offered for sale in the top 16 residential locations. “This is slightly over half of the number seen in the previous year and explains, at least in part, the enormous surge in prices,” says Stolz
. In the whole of Hamburg the selling process began for 836 new-build apartments in 54 developments (2015: 79 developments, 1,588 units).Prices rise gently in the hidden stars
The number of new-build apartments coming onto the ‘hidden stars’* market accounted for a rather modest 15% of the total. Here eight developments offered 125 units. With an increase of some 2%, prices rose in the hidden stars by far less than in Hamburg as a whole and in the top 16 residential locations. The average price per square metre was €4,180.
* Grossmann & Berger counts the following 21 city districts, conflated into 16 residential areas, as the top 16
with the highest level of new-building activity: Alsterdorf, Altona-Altstadt/Altona North, Barmbek South, Eilbek/Hohenfelde, Eimsbüttel/Hoheluft West, Eppendorf/Hoheluft East, HafenCity, Harvestehude, Lokstedt, Othmarschen, Ottensen, Rotherbaum, St. Georg, St. Pauli/Sternschanze, Uhlenhorst and Winterhude.
** Grossmann & Berger counts the following eleven districts as hidden stars
in respect of new-builds: Bramfeld, Eidelstedt, Fuhlsbüttel, Hummelsbüttel, Langenhorn, Ohlsdorf, Rahlstedt, Rissen, Schnelsen, Stellingen, Sülldorf.
Source: Grossmann & Berger GmbH
Caption: The new-build development “Lucente” at Eppendorfer Landstrasse 107-109 is in one of the top 16 locations; Grossmann & Berger will shortly begin the process of selling the apartments.