By Adrian Bishop
There has been strong demand for prime properties in German cities, with the most expensive house selling for €16.8million.
The sale came in Neuhausen, Munich, but the highest demand from international buyers for luxury homes is concentrated in Berlin, says leading international agent, Engel & Völkers
Top prices for luxury residential properties in Germany’s major cities have developed at a dynamic pace over the first half of 2017. Kai Enders, Member of the Board of Engel & Völkers AG, says, “Overall, the German market for premium properties is witnessing a consistently high level of demand.
“The demand from abroad focused mainly on the capital Berlin. We expect the high level of demand for exclusive properties in Germany’s premium locations to continue.”
The report covers seven cities - Berlin, Düsseldorf, Frankfurt, Hamburg, Cologne, Munich and Stuttgart.
An apartment in HafenCity, in Hamburg, topped freehold values, selling for €28,400 per square metre, €5,000 up on last year’s high in the same region.
However, there are significant price differences in the cities and from year to year, so luxury property does not fit into a specific price range, explains Mr Enders. The analysis is therefore focused on the highest priced five percent of transactions in each city.
In Munich, Nymphenburg is also a top target for luxury house buyers.
In Hamburg, sales of particularly high-end detached and semi-detached homes centred around the traditionally upmarket Elbe suburbs including Nienstedten, Blankenese and Othmarschen. The highest priced property sold in the north German city was in Nienstedten, fetched €6.9million.
Compared to Munich and Hamburg, transactions in Stuttgart’s premium segment were not concentrated on any particular geographical area of the city. The highest sale was for €4million in the Dachswald district.
In the freehold apartment sector, Hamburg overtook Berlin, which topped the table the previous year.
The top price in Düsseldorf was in the Heerdt district at €26,100 per square metre, a rise of over 60% in the same period in the previous year (H1 2016: €16,000 per square metre).
Sales in Munich were more spread out geographically. Most exclusive freehold apartments changed hands in Altstadt, Schwabing, östliche Maxvorstadt and Sendling/Isarvorstadt. An apartment in Sendling/Isarvorstadt achieved the third-highest price overall at €20,700 per square metre.