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Despite the corona pandemic, prices for houses and apartments in Hamburg and the surrounding area still only know one direction - upwards.
"The downturns in price developments expected by many due to the effects of the Covid-19 pandemic have not yet occurred," said the CEO of LBS Bausparkasse Schleswig-Holstein-Hamburg, Jens Grelle, on Wednesday at the presentation of the real estate market atlas 2021.
Accordingly, the average real estate prices in Hamburg and the surrounding area increased by seven to almost 14 percent compared to the previous year.
In a comparison of the major German cities, Hamburg has replaced Munich in second place in the dynamic.
Berlin is still in first place.
The biggest jump with 13.8 percent made the prices for new houses in the Hanseatic city.
They now cost an average of 5123 euros per square meter.
Existing houses have become 7.2 percent more expensive and now come to 4859 euros per square meter.
Newly built apartments now cost an average of 6,600 euros per square meter (plus 12.3 percent).
The price for existing apartments climbed by 13.3 percent to now 5723 euros per square meter.
The most expensive real estate offers with square meter prices between 10,000 and more than 16,000 euros were called in the districts of Othmarschen, Harvestehude, Nienstedten, HafenCity, Rotherbaum, St. Georg and Uhlenhorst.
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There were also double-digit increases in real estate prices in the surrounding area: Existing houses and apartments were 11.1 (2950 euros) and 11.2 percent (2809 euros) more expensive compared to the beginning of 2020.
New houses cost 12.8 percent (3350 euros) more.
Only in the case of new apartments was the price increase in the surrounding area, at 8.5 percent (3900 euros) in the single-digit range.
The most expensive are new houses in Wentorf-Aumühle with an average of 5608 euros per square meter.
But high prices were also registered in Schenefeld, Norderstedt, Ahrensburg, Oststeinbek and Halstenbek.
There was a reduction in the offer, said Grelle.
One reason could be the corona restrictions, which made real estate transactions more difficult.
However, he tends to assume that properties will no longer come on the free market due to the strong demand pressure in Hamburg, but will be sold beforehand by brokers via their personal lists of interested parties, said Grelle.
The rising prices, especially in Hamburg, are due to the large number of wealthy customers.
"Overall, they have a lot of liquidity" and, in the absence of high-yield alternatives, are ready to invest in real estate at high prices.
Compared to previous years, however, there is a major difference.
"The mortgage interest rates no longer fall and can therefore no longer compensate for the price increases," said LBS board member Birgitta Göttelmann.
The rise in unemployment in the corona pandemic and, above all for future landlords, the first-time drop in rental prices in Hamburg from an average of 10.60 to 10.50 per square meter also have an impact on the real estate market.
Especially with a view to the corona-related change in the labor market towards more home offices and less commuting, it is definitely worthwhile for those interested in real estate to also consider houses or apartments in the area around Hamburg, said Göttelmann.
For example, existing houses in the surrounding area are on average 39 percent cheaper than in Hamburg, and existing apartments are even up to 51 percent.
"Anyone who is willing to put up with more work for commuting, for example, can realize significantly lower purchase prices," said Grelle.