Berlin, September 21, 2020 – A total of 129,473 apartments were sold in 2019 across the 82 cities included in the survey. That is 5,043 more apartments than in the previous year, representing an increase of about four percent. This indicates that the downward trend in apartment sales has been halted. After three consecutive years of declining sales figures, 2019 marked the first year in which an increase in sales was recorded. Most apartments were sold in the three major cities of Berlin (18,515), Munich (10,373), and Hamburg (6,341). These three cities alone account for 27.21 percent of all sales. Cologne, Dresden, and Leipzig occupy fourth through sixth place in the ranking. Even in some smaller secondary cities, significantly more apartments were sold than in the previous year. At the very top of the list, with a 39.83 percent increase, is Heidelberg, followed by Regensburg with a 31.51 percent increase. Several cities in the Ruhr region, such as Gelsenkirchen (+29.28 percent) and Herne (+29.01 percent), also feature in the upper ranks. “The data from the ACCENTRO Homeownership Report show that homeownership remained in particularly high demand in 2019. This is evident, among other things, in the overall increase in sales activity. In 2019, more than 1,000 apartments were sold in 34 cities, up from 32 previously. The higher number of transactions is likely due primarily to the further interest rate cut, combined with expectations that the real estate cycle is coming to an end,” explains Prof. Dr. Michael Voigtländer, head of the Financial and Real Estate Markets division at the IW, who was responsible for data collection for the first time this year.
Berlin Continues to Show Strong Overall Volume
Even though the number of sales in Berlin, as in Hamburg, was down (-1.96 percent and -2.25 percent, respectively), the federal capital still saw the most apartments sold and generated the highest sales volume. With sales of 6.25 billion euros, Berlin accounts for just under one-fifth of the total volume. Compared to the previous year, however, Munich was able to nearly halve the gap with the capital. While sales in the previous year stood at 4.76 billion euros, the Bavarian capital saw a 16.57 percent increase in this year’s ranking, reaching sales of 5.5 billion euros. Overall, sales in all 82 cities rose sharply. Condominiums worth 35 billion euros were sold, representing an increase of 3.37 billion euros compared to the previous year.
New-Construction Sales at a Significantly Higher Level
In 2019, a total of 27,164 new-construction units were sold. Most of these were in Berlin (4,608), Munich (2,826), and Hamburg (1,593). A particularly large number of new-construction apartments were also sold in eastern Germany. Dresden ranked fifth (1,329), Leipzig in eleventh place (504), followed by Chemnitz in twelfth place (488), once again occupy top spots in the ranking. The number of new-construction apartments reflects the appeal of major cities. A look at sales per 1,000 residents underscores the appeal of major cities in eastern Germany when it comes to purchasing a new-construction apartment. There, Dresden, Chemnitz, and Leipzig rank second through fourth. In addition to East German cities, the Ruhr region is also becoming increasingly attractive. Several cities in the Ruhr region, such as Gelsenkirchen (72), Herne (122), and Bochum (207), occupy the top spots in terms of the number of new-construction apartments sold. “The rising numbers of new-construction sales are encouraging and also reflect an increase in completions. However, to align the number of new buildings with demand, local governments should adopt a consistent new-construction policy. The reality, however, looks different in many places. A steadily increasing number of regulations for new construction, understaffed building departments, protected residential areas, and conversion bans—such as those that have been enforced in Berlin for years with increasing strictness—are blocking access to homeownership for a large number of households,” explains Lars Schriewer, CEO of ACCENTRO Real Estate AG.
About the ACCENTRO Homeownership Report
ACCENTRO Real Estate AG is publishing the Homeownership Report for the thirteenth time. This year, the Homeownership Report was produced for the first time in cooperation with the German Economic Institute. The analysis is based on homeownership transactions from the 2019 reporting year in all 82 major German cities. By drawing on data from appraisal committees, the report differs significantly from similar publications, which are usually based on expert estimates or the analysis of listing data. The report consists of two distinct sections. While the first section compares housing markets based on various criteria, the second section provides detailed market data for all 82 cities. Detailed results from the ACCENTRO Homeownership Report on Germany’s ten most populous cities and developments over the past twelve years are also available online in the ACCENTRO database and can be selected individually: Homeownership Report
About ACCENTRO Real Estate AG
ACCENTRO Real Estate AG is a residential real estate investor and the market leader in housing privatization in Germany. As of December 31, 2020, its real estate portfolio comprised approximately 5,200 units. In addition to Berlin, its regional focus includes major East German cities and metropolitan areas, as well as the Rhine-Ruhr metropolitan region and Bavaria. ACCENTRO’s business activities encompass four core areas. These include the tenant-oriented sale of apartments to owner-occupiers and private investors, the sale of real estate portfolios to institutional investors, the development and management of its own real estate portfolio, and the marketing of apartments for portfolio holders, investors, and project developers. The shares of ACCENTRO Real Estate AG are listed on the Prime Standard of the Frankfurt Stock Exchange (WKN: A0KFKB, ISIN: DE000A0KFKB3). investors.accentro.de
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