An analysis of real estate in East Germany shows that the biggest bargains are in Zwickau. fhm via Getty Images
In 32 urban and rural districts in eastern Germany, the average purchase price for apartments has fallen within a year, as an analysis by Immowelt shows.
In several state capitals there were even double-digit declines; in Berlin they sank Offer prices at least by almost three percent.
You can also find bargains near the capital. In some nearby districts, square meter prices are below the 3000 euro mark.
In many East German districts, the average purchase prices for apartments have fallen within a year. This is shown by an analysis by Immowelt*.
The real estate portal compared asking prices from 32 urban and rural districts in Thuringia, Saxony, Saxony-Anhalt, Mecklenburg-Western Pomerania, Brandenburg and Berlin. As of June 1, the square meter prices in each of the districts examined were lower than in the previous year.
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Apartments in Schwerin are more than 14 percent cheaper than a year ago
Schwerin recorded the highest decline with 14.6 percent. In the capital of Mecklenburg-Western Pomerania you now pay an average of 2477 euros per square meter for an apartment, instead of 2900 euros a year ago.
According to the analysis, apartment prices have also fallen significantly in other eastern German state capitals. In Erfurt, a square meter costs an average of just under 3,000 euros, 12.5 percent less than last June. In Dresden, the square meter price fell by 10.8 percent to 2638 euros.
Magdeburg saw a smaller decline of 2.6 percent, but at 2000 euros per square meter it is the cheapest state capital in eastern Germany if you want to buy an apartment.
Apartment prices in big cities have fallen
In other large East German cities, the prices of condominiums also fell sharply in some cases. In Jena, apartment prices fell by around eight percent to 3,300 euros.
In Leipzig you currently pay an average of 2484 euros per square meter. That is 6.3 percent less than in the same month last year. Rostock recorded the same percentage decrease; here you can buy the square meter for 3943 euros.
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Apartments are the cheapest in Zwickau
The district of Mecklenburgische Seenplatte recorded the smallest drop with a drop in asking prices of 0.6 percent. However, the price per square meter there was already cheap compared to the big cities. You now pay 1852 euros per square meter.
You can buy even cheaper apartments in nine of the East German districts. The biggest bargains are in Zwickau with 1117 euros per square meter. Central Saxony is also particularly cheap at 1162 euros per square meter. In Gera you pay 1209 euros. The Saale district (EUR 1,305 per square meter) and the district of North Saxony (EUR 1,385 per square meter) are also below the EUR 1,500 mark.
Prices in Berlin have fallen by almost three percent
The general trend on the real estate market can also be felt in Berlin, says Felix Kusch, Country Managing Director of Immowelt. “The capital is cheaper than a year ago, but it remains expensive.”
According to the Immowelt analysis, an existing apartment in Berlin currently costs 5139 euros per square meter – that is 2.8 percent less than in the previous year. However, it is unlikely that home ownership in the capital will become cheaper in the long term. The prices would rather level off after they had risen again at the beginning of the year.
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There are bargains in the Berlin area
According to the analysis, only Potsdam is even more expensive than Berlin – which is probably due to its geographical proximity to Berlin. In the Brandenburg state capital you have to reckon with purchase prices of 5198 euros per square meter – although these have fallen by 6.2 percent.
But that doesn’t mean that all districts close to Berlin are particularly expensive. You can buy your own home much cheaper in rural areas: in the district of Oberhavel, north of the capital, you pay an average of around 3210 euros per square meter for an existing apartment. In the districts of Teltow-Fläming, Havelland and Oder-Spree, prices per square meter are even below the 3000 euro mark.
*Like Business Insider, Immowelt belongs to Axel Springer.
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