The housing market will not relax in 2023 either.
An expert now recommends not to buy certain properties under any circumstances.
Munich – In order to calculate the price of a property, a number of factors must be considered.
These include the city, the location there, the size and whether it is a house or an apartment.
A real estate expert now advises against buying certain properties.
Rising rents - is it worth buying real estate?
First of all, good news: Real estate prices are falling across Germany.
Not huge, but they're going down.
According to the real estate price index, a 30 square meter apartment in Munich cost just over 10,000 euros per square meter in 2022, and in 2023 it will only be 9,650 euros.
Compared to 2021, that is still almost 500 euros more, where the price was 9142 euros per square meter.
Nevertheless, many tenants think about buying a property.
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A real estate expert warns against buying unrenovated condominiums.
© Jörg Carstensen/dpa (symbol image)
But should real estate be purchased just because rents are rising in many places?
Not only are they becoming more expensive, replacing the heating system could also cost tenants dearly.
According to real estate expert Sven Carstensen, consumers should not rush into anything.
In an interview
with the Handelsblatt
, the board member of a consulting company for the real estate industry says: "I definitely do not expect a turnaround with prices rising again: we are currently only experiencing a certain stabilization because buyers assume that we have already put most of the interest rate increases behind us. "
Which real estate buyers should stay away from
Anyone who jumps at an advertised property is in danger of being disappointed: "Keep your hands off unrenovated condominiums," says Carstensen.
The problem: “We are coming from a phase in which the issue of energy efficiency played no role.
Now it's getting difficult for some, especially private investors.
Refurbishments, not just energetic ones, must be able to be implemented in a community of owners.
But there are always owners who are clammy and fight back.”
Interested apartment buyers should take a close look at the property in order to be able to estimate the likely renovation work.
In the case of new construction projects, the property developer should also be scrutinized: “If you are unlucky, the property developer will go bankrupt, half of the apartments have been sold and the other half have not – and you will live on a construction site for the next 15 years.” Consumers who According to Carstens, they should even wait and see if prices continue to fall.
Tenants should probably not hope for falling prices.
List of rubrics: © Jörg Carstensen/dpa (symbolic image)