Chemnitz has the cheapest purchase prices for existing apartments on average, as an analysis by “Postbank” shows. Getty Images
Postbank’s “Housing Atlas 2024” shows a significant decline in prices for German real estate.
Chemnitz, Gelsenkirchen and Bremerhaven are the cheapest cities for buying existing apartments, as the evaluation shows.
Purchase prices in these cities have fallen by up to eight percent on average.
Property prices in Germany experienced a significant turnaround last year after rising steadily for almost a decade. This is shown by the latest findings from Postbank’s “Housing Atlas 2024”, which indicate a significant decline in prices.
According to the report, this applies especially to condominiums in major German cities. But where are the cheapest real estate prices in this country? A table from the Hamburg World Economic Institute (HWWI), which was provided by Postbank, provides information about the cheapest locations.
Accordingly, Chemnitz leads the ranking with an average price of 1,532.20 euros per square meter, followed by Gelsenkirchen (1,598.21 euros) and Bremerhaven (1,672.80 euros). All three cities recorded purchase price reductions of between three and eight percent on average.
According to the analysis, prices in Germany’s largest cities – the so-called “Big Seven” – have fallen in real terms by up to 127 percent. This differs significantly from the less severely affected medium-sized cities and districts.
Condominiums are the cheapest in these ten cities
These are the ten cheapest cities to buy an existing apartment by square meter:
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So would buying a property be advisable at the moment? This is what Manuel Beermann, Head of Real Estate Product Management at the private customer bank, says: “Since we are only assuming a dip in prices, which will be followed by increased purchase prices for residential properties, an investment now may be worthwhile.”
Buyers must pay attention to whether they are able to pay. “Whether financing a property is actually worthwhile depends in each individual case on the financial strength of the buyer and the location of the property.”