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Only in a few areas, such as in Mecklenburg-Western Pomerania, are real estate agents still recording rising asking prices for one- or two-family houses. Otherwise, residential property was offered at stagnant or falling prices in the first quarter of 2023 compared to the previous year.
This emerges from the coastal report by the brokerage firm Von Poll Immobilien. “This clearly shows that prospective buyers are no longer willing to pay any price due to the current interest rate situation and have to calculate more precisely what they can afford given the current situation,” says Von Poll’s managing partner Daniel Ritter. “Nevertheless, we are finding that there is still demand for residential property on the coast. We expect the market to level off again in the preferred waterfront locations over the course of 2023.”
It is most expensive on Sylt
The North Frisian Islands remain at the top of the price table. On the islands, the square meter of living space costs an average of 12,866 euros, on Sylt even 15,348 euros. “While real estate prices on the entire North Frisian Islands fell by 7.5 percent compared to the same period last year, it was even 14 percent on Sylt.”
According to the data, the second most expensive are the East Frisian Islands with an average of 8626 euros per square meter. There, the price level has hardly given way at minus 0.5 percent.
On the German Baltic Sea coast, which had also experienced a price boom in recent years, the trend has also turned, according to the real estate agents – with the exception of a few regions in Mecklenburg-Western Pomerania. The price per square meter on Usedom has risen by a good seven percent to EUR 4,303, in Western Pomerania-Rügen by 8.5 percent to EUR 2,585 and in Western Pomerania-Greifswald by a good six percent to EUR 1,893.
In the other Baltic Sea regions, brokers are registering falling prices, above all on the island of Fehmarn (minus 18.5 percent to 3718 euros), Fischland-Darß-Zingst (minus 13.2 percent to 3579 euros), in Lübeck and Kiel (minus 12 6 or minus 11.6 percent to 3504 or 3256 euros) and in Ostholstein with the Bay of Lübeck (minus 9.1 percent to 3576 euros). The situation is similar on the North Sea coast. Prices fell the most in the district of Wittmund (down 16.1 percent to 2,052 euros), in North Friesland (down 14 percent to 2,148 euros) and in Wilhelmshaven (down ten percent to 2,061 euros).
Source: Nachrichten
