Dhe demand for condominiums fell sharply in the first few months of this year due to the real estate crisis. The inquiries per offered condominium in February fell by 43 percent compared to the same month of the previous year, as shown by figures from the real estate portal “Immowelt”, which are available exclusively to WELT AM SONNTAG.
In January, the corresponding inquiries fell by 46 percent compared to the previous year. According to “Immowelt”, this means for potential buyers that there are currently “more properties on the open market” and that competition from other buyers is “less than during the low-interest phase”. Like WELT AM SONNTAG, the “Immowelt” portal belongs to Axel Springer.
This has long since had consequences for builders. Real estate developers in particular – i.e. those companies that buy land, hire construction companies and sell the finished projects to customers – are worried about their business model. Because with the falling demand, the increased interest rates and the exorbitantly higher construction costs can no longer be passed on to buyers.
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