The purchase prices for apartments have fallen in most western German districts in the past year, according to an analysis by Immowelt.
Overall, prices rose in only nine of the 91 districts.
Apartment buyers continue to pay the most in Frankfurt am Main. The cheapest is the independent city of Gelsenkirchen.
The purchase prices for Apartments in western Germany have fallen in the past year. This was the result of a current analysis of the asking prices for apartments in the urban and rural districts in Hesse, North Rhine-Westphalia, Rhineland-Palatinate and Saarland by the real estate portal Immowelt (Immowelt, like Business Insider, belongs to Axel Springer.)
In 82 out of 91 districts, the purchase prices have become cheaper. In ten of the districts, homebuyers are even saving more than ten percent compared to last year. With Speyer (-15.5 percent) and Koblenz (-12.5 percent), urban districts in Rhineland-Palatinate recorded the sharpest price slumps. In the Rhineland-Palatinate district of Bad Kreuznach (-12.4 percent), buying a home is now significantly cheaper.
Big cities have become cheaper
“The main reasons for the decline are the higher interest rates and the more difficult financing conditions, which have led to a drop in demand,” says Felix Kusch, Country Managing Director at Immowelt. “But this also offers opportunities for buyers: Because of the lower competitive pressure, renegotiations on the price are becoming more and more common.”
Those are cheaper Apartments according to the analysis also in the big cities. Frankfurt am Main recorded a minus of 6.3 percent, in Cologne apartments are now 7.6 percent cheaper and in Düsseldorf buyers pay 6.1 percent less than a year ago. Despite everything, Frankfurt am Main remained the most expensive district with a current square meter price of 5927 euros on average.
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The cheapest apartments are in Gelsenkirchen
According to Immowelt, buyers currently have to pay the least in the independent city of Gelsenkirchen. Although the prices there have not fallen – and even recorded a slight increase of 0.7 percent – no other district can match the low price per square meter of 1632 euros.
The real estate portal has identified an increase in asking prices in eight other districts. The strongest increase in price the Saarbrücken regional association and the Rhineland-Palatinate district of Trier-Saarburg each recorded a plus of 4.9 percent.
According to Immowelt, none of the nine areas in which prices have risen are among the most expensive districts. Average prices of more than 3000 euros per square meter are therefore not required in any of the regions.
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