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According to the report, the buying market in the metropolises is calming down
Photo: Daniel Reinhardt / dpa
High prices in the first half of the year, but the market for buying residential real estate stabilized in the third quarter – the online platform Immoscout24 comes to this conclusion.
The demand for residential real estate is therefore normalizing and is slightly above the pre-pandemic level, as a market report shows.
"We can see that the buying market in Germany is working and that it is calming down, especially in the metropolises," says Immoscout24 Managing Director Thomas Schroeter.
Demand is continuing to shift from buying a property towards renting, where rising yields are likely to lead to more investment in new construction.
According to Schroeter's forecast, rents are likely to rise more dynamically than purchase prices in the coming months.
According to Immoscout24, buyers are currently more interested in existing and condominium apartments, because prices here rose by 0.9 percent in the third quarter.
Newly built apartments, on the other hand, have become more expensive by one percent over the same period.
Schroeter said, as quoted in the release, that the slowdown in purchase price dynamics could support the market as the gap between rental prices and enraptured purchase prices is slowly closing again.
»Especially in the current, complex market situation, the expertise of brokers is in much greater demand again.
For those who are interested, there is an offer that has not been available for almost ten years,” says Schroeter.
According to the information provided, the market report reflects the price development in real asking prices, which are supplemented by an indicator of the relationship between supply and demand.
The database includes over 8.5 million advertisements from the last five years on the Immoscout24 platform.
The values would be determined by an algorithm for reference objects for the type of property under consideration.
The relationship between demand and supply is calculated with the contact requests per advertisement for the respective property type per week - this is a standardized value.
ani/Reuters
