Dark clouds in the real estate sky - prospective buyers can hope
Created: 01/01/2023, 10:00 am
By: Roland Halmel
The number of building permits fell significantly in 2022.
© Kirchner Media / IMAGO
Hope for everyone who wants to buy their own home, bad news for real estate sellers - as Lorenz Härtl from Haus & Grund reports when asked, a trend reversal is discernible on the market.
Weilheim
– The plan was to build 400,000 new apartments throughout Germany this year.
However, the federal government clearly missed this target.
Experts expect only around 250,000 apartments to be completed by 2022.
The price pressure in the real estate sector thus remains high, even if rising interest rates and high construction costs have caused demand to fall.
This development can also be felt in the district.
"Dark clouds have gathered over the course of the year and now they are here," reports Lorenz Härtl, who was elected 2nd chairman of the home and landowners' association in Weilheim last year.
Härtl had already indicated this development at the annual general meeting of the association, which has around 2,000 members, in the summer.
“Prices have only gone up in recent years, it was a big party.
Since the turn of the year 21/22, however, the real estate market has turned around due to the turnaround in interest rates and the significantly increased construction costs," explained Härtl at the time.
In Munich, demand fell by up to 75 percent
The effects of this were felt primarily in the metropolitan areas.
"In Munich, demand has fallen by up to 75 percent," says Härtl.
A decline can also be noticed in the district, but not as clearly.
"The number of building permits has decreased for us," says Härtl.
After there was an increase from 615 to 740 new building permits from 2020 to 2021, the latter number will be significantly lower this year.
"We are now a buyer's market," explains Härtl.
In other words, buyers are now in a better position.
Certain properties are now staying on the market longer and often cannot be sold to the seller's expectations.
Houses in need of renovation for sale only with discounts
"Although some still do not move away from their price expectations," says Härtl.
He does not yet see the willingness to react to the changed situation everywhere.
The range of real estate in the district has meanwhile increased significantly.
"In January 2022 there were still 85 offers on an internet portal and most recently there were 250 - practically a tripling," says the second chairman of Haus und Grund.
According to the real estate expert, the energetic condition of buildings in the region is becoming an increasingly important issue.
"Houses from the 1950s and 1960s that are in need of renovation are selling very slowly." According to Härtl, buyers shy away from the high cost of renovation.
Here, a sale is often only possible at a discount.
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New construction prices continue to be very stable and very high
The new buildings in the district are not affected.
The previous square meter prices of 6500 euros and more in Weilheim or Penzberg have not fallen significantly.
"The property developers are somewhat reluctant when it comes to new construction, there is relatively little supply and therefore few price changes," Härtl stated.
"Real estate continues to be a good investment, especially in attractive areas like our district," was Härtl's conclusion at the end of the conversation.
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