Stock of residential properties Sylt 2017/2018

Prices continue to rise, albeit less steeply


Press release | Kampen/Hamburg
31.05.2018


Prices for residential properties on Sylt continue to rise, but less steeply than in prior years. The G&B Price Trend revealed that between 2017 and 2018 the average gains in the attainable selling prices of properties on Sylt were +1.9 % for standard single-family homes, +2.2 % for standard semi-detached houses and +1.4 % for standard condominiums.* In 2018 sellers can expect, on average, to receive €16,500 per square metre of living space for a single-family home on Sylt, for a semi-detached house the figure is €14,000 and for a condominium/apartment €7,400. This information may be obtained from Grossmann & Berger’s new 2017/2018 market survey on residential properties on the Island of Sylt, which Lars Seidel, managing director, residential properties, presented in connection with the 10th anniversary of the shop on Sylt.
 
Kampen remains the benchmark for 2018
With single-family homes fetching €30,600/m² of living space, Kampen on Sylt maintains its premier position at the top of the price tree in 2018, followed by Braderup (€25,700/m²), Rantum (€20,900/m²) and Keitum (€19,800/m²). The ranking is exactly the same for semi-detached houses: the most expensive properties stand in Kampen and Braderup at €28,700 and €21,500/m² of living space respectively, followed by Rantum at €18,000/m² and Keitum at €15,150/m² of living space. The picture is slightly different in the case of condominiums/apartments. On this market Kampen (€14,800/m² of living space) is followed by Keitum (€9,000/m²) ahead of Braderup and Wenningstedt, each at €8,700/m² of living space.
 
Investors are shifting their focus of attention
“There has been a marked drop in properties on the market in the most popular parts of Sylt. Someone who has been able to buy a property there wants to keep it,” explains Andreas Gnielka, head of residential building stock/letting at Grossmann & Berger. “Attention has therefore turned to other locations such as Tinnum, Archsum and Westerland where prices have risen quite considerably, rather as has happened in comparable parts of Hamburg,” adds Torsten Paulsen, sales manager in Sylt for Grossmann & Berger. This is especially true of Tinnum, where prices are growing at a rate of 3.2 % for houses, 5.4 % for semi-detached properties and 5.6 % for apartments. “Offering houses in a central location and good shopping facilities, Tinnum is more than just a suburb of Westerland. Houses with a clear view looking south and those in the area bordering Old Westerland are especially sought-after,” adds Paulsen.
 
The biggest rises in the price of standard single-family houses on Sylt between 2017 and 2018
Archsum +3.2 % to € 16,000/m² of living space.
Tinnum +3.2 % to € 6,650/m² of living space.
Wenningstedt +2.9 % to € 14,200/m² of living space.
The biggest rises in the price of standard semi-detached houses on Sylt between 2017 and 2018
Tinnum +5.4 % to € 6,100/m² of living space.
Archsum +3.7 % to € 12,500/m² of living space.
Westerland, Wenningstedt +3.6 % to € 10,000 / €13,000/m² of living space.
The biggest rises in the price of standard condominiums/apartments on Sylt between 2017 and 2018
List +5.8 % to € 5,000/m² of living space.
Tinnum +5.6 % to € 4,700/m² of living space.
Westerland +4.2 % to € 8,000/m² of living space.
                                                                                                     
Enormous potential in Hörnum, Tinnum and Morsum
Depending on the type of property Tinnum is, moreover, to be found at the lowest end of the Sylt price scale, together with Hörnum and Morsum. In 2018 the lowest selling prices for single-family houses are those obtainable in Hörnum, averaging €6,250/m² of living space and in Tinnum, where the average is €6,650/m². The same is true of semi-detached houses, for which property sellers may expect to attain an average of €5,500/m² of living space for property in the southernmost settlement (Hörnum) and of €6,100/m² in Tinnum. When it comes to condominiums/apartments, average prices in the most easterly town, Morsum, are €4,600/m² of living space, occupying the middle ground between Hörnum (€4,300/m²) and Tinnum (€4,700/m²). “In coming years we expect to see further considerable price rises in all three locations, because in Kampen and other popular towns there is simply not enough on the market,” forecasts Paulsen.
 
Mismatch between supply and demand
In view of unabated, keen interest in residential properties on Sylt the mismatch between supply and demand is set to continue for the foreseeable future. “Therefore almost every new build development sells out in a very short space of time,” remarks Paulsen. Consequently, developers are desperately eager to find suitable sites for new buildings. Because there is a shortage of designated building land, they usually buy old properties that can be demolished and re-develop the site.
 
* 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 of living space, 1st upper floor, lift (elevator), fitted kitchen
  • Standard semi-detached house: half of a duplex in which the two houses are joined on the border of the two plots of land, around 150 m² of living space, typical plot size for the location
  • Standard single-family house: detached, with cellar, at least 220 m² of living space, plot size typical for the location
 The detailed market report may be downloaded from our website. It’s available in German only.
 
Caption 1: In Archsum the price of a detached single-family home has risen by 3.2 % in 2018. Prices in Archsum and Tinnum thus have the highest rate of growth in this sector of the market.
Caption 2: Living and dining area of a single-family home in Archsum: when planning the interiors of properties on Sylt, great emphasis is placed on top quality, contemporary materials, generously sized rooms and spacious lay-out.
 
Source, chart + table: Grossmann & Berger GmbH
Source, photos: Neugebauer/Home Staging Sylt

Press contact

Visitenkarte Xing
Britt Finke


Bleichenbrücke 9
20354 Hamburg

b.finke@grossmann-berger.de

040-350 802 993
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