A research team from the University of Bonn has created a reliable database for real estate price developments in 18 German cities.
The German Real Estate Index (Greix) is freely accessible and simplifies price analysis for buyers and sellers.
The data shows a sharp rise in property prices over the last 10 years.
Half a million euros can be a lot of money for a spacious four-room apartment with 80 square meters – for certain parts of Berlin it is cheap. A research team from the University of Bonn now wants a realistic one with the German Real Estate Index (Greix). comparison value for your property have found. The “Southgerman newspaper(SZ) was given an insight into the database in advance.
The Greix is a new property price index. It was developed by a team led by the economist Moritz Schularick from the University of Bonn and will in future be available to everyone online free of charge. He evaluates all available data on real property sales for 18 German cities – in some cases even going back to the 1960s. A total of almost 1.7 million sales of condominiums, single and multi-family houses were recorded and all transactions that did not come about under normal market conditions were filtered out. The index forms the prices for Houses and apartments and also takes them into account Inflation.
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Greix: Benefits for buyers and sellers
Until now, it has been complicated to find out what a particular property is really worth. An expert was needed for a reliable judgement. The data of these experts are publicly accessible: every real estate purchase, every gift, every exchange must be certified by a notary in Germany. The municipal expert committee receives a copy of the corresponding contract and keeps the purchase price collection. Moritz Schularick’s team has now accessed and evaluated this data.
The Greix also provides information about the different real estate price developments within cities. The SZ has among other things the example Berlin looked closer.
While prospective buyers got a square meter in the Mitte district for less than 1700 euros in the mid-2000s, the price has now risen to over 7600 euros. In general, the index shows that prices in the inner city have skyrocketed since 2014. In addition, the price gap between the districts has widened significantly, which can mean increasing social isolation. While the difference between the most expensive and the cheapest average square meter price in the districts was just under 800 euros in 2007, by 2022 it will be almost 4000 euros.
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