Real estate buyers can save in all major German cities. The purchase prices in the cheapest districts are up to 64 percent below the city average, as an analysis by Immowelt shows.
The biggest difference is in Hamburg. There, a square meter in Alsterdorf costs around 4,000 euros less than the city average.
In Munich, the price level is very high in all parts of the city. Nevertheless, in Aubing-Lochhausen-Langwied you still pay 17 percent less than the average for the Bavarian capital.
In some major city neighborhoods, buyers are paying less than half the average price for existing homes. This was the result of an analysis by the real estate portal Immowelt*.
For the evaluation, Immowelt used offers advertised on the portal in 14 German cities with more than 500,000 inhabitants. At the top, square meter prices for apartments in the cheapest parts of the city were up to 64 percent below the city average.
It is worth comparing the square meter prices of individual parts of the city
According to the analysis, the greatest potential for savings is in Hamburg. An apartment in Alsterdorf, north of the city park, is around 64 percent cheaper than the city average with an average price per square meter of 2327 euros. The average purchase price for apartments in Hamburg is 6404 euros per square meter.
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The lowest percentage savings, on the other hand, are for real estate buyers in Dresden. In the cheapest district of the Saxon city, Gorbitz-Ost, the square meter costs 2311 euros, 15 percent less than in Dresden as a whole. However, this is mainly due to the fact that the price level is already low with a square meter price of 2718 euros.
In Munich, by far the most expensive German city, the percentage difference is also comparatively small at 17 percent. In Aubing-Lochhausen-Langwied, real estate buyers save at least 1477 euros per square meter compared to the average price at a square meter price of 7301 euros.
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*Like Business Insider, Immowelt belongs to the Axel Springer publishing house.