Market development in Hamburg in 2022 and outlook for 2023

As a result of the fact that the inflation rate is rising and thus also construction financing and material costs are increasing, many people are finding it more difficult to afford their own property. In this article, you will learn how this is changing the real estate market in Hamburg and what developments are possible.

The current situation on the Hamburg real estate market

Real estate prices are falling throughout Germany. According to a recent study by Interhyp, a mortgage company, houses and apartments including ancillary costs cost an average of 4.3 percent less in the third quarter of this year than in the second quarter. Buyers are no longer willing to pay any price, he said. These negative developments are also evident in Hamburg, although the price decline is currently still limited. In the first quarter of 2022, homebuyers paid an average price per square meter of EUR 5,760, which is approximately 2.8 percent more than at the end of 2021. In the second quarter, it rose further to around 5,900 euros, while buyers in the third quarter are now paying 5,760 euros again.

Forecasts for the Hamburg real estate market

According to construction financing experts, initial figures from the last quarter of this year showed that prices in Hamburg are continuing to fall. However, this is not a cause for concern, as the Hamburg Institute of International Economics (HWWI) points out. The institute has prepared a purchase price forecast up to the year 2035 for the Postbank Residential Atlas 2022. For the Hanseatic city, the experts forecast an annual price increase of around 0.5 percent. Although this is significantly lower than in recent years, it is still worth investing in houses and apartments.

Focus on energy-efficient real estate

In the course of current developments, real estate with high energy efficiency is increasingly coming into focus. On the one hand, because of the costs that owners save, for example, through modern heating systems, solar thermal or heat pumps. On the other hand, sustainable real estate is preferred with a view to changes in the law in the near future. In Hamburg, for example, the obligation to install photovoltaic systems will apply to all new roofs from 2023 and to existing buildings where the roof is being renewed from 2025. So, as a property owner, before you sell, you should definitely think about energy renovation, which will increase the attractiveness of your property and raise the selling price despite inflation and lower demand.

You have questions about the topic? Do not hesitate to contact us. We at WEISS IMMOBILIEN know the real estate market in Hamburg exactly and advise you comprehensively on your purchase and sale.

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