Wiesbaden (dpa/lhe) - Rising prices and higher interest rates have dampened the real estate market in Hesse over the past year. After evaluating around 85 percent of the purchase contracts entered into in 2022, there are signs of a significant decline in the number of contracts concluded for developed and undeveloped land and condominiums, the central office of the expert committees for real estate values of the state of Hesse (ZGGH) announced on Friday in Wiesbaden. On average, a decline of 25 percent is expected. This trend can be seen in both northern and southern Hesse.
According to the information, the prices for apartments and houses in Hesse also increased last year. Accordingly, real estate became more expensive both in southern Hesse, which tended to be more expensive, and in the cheaper north. According to the evaluation, a detached single-family house in southern Hesse, including the Rhine-Main area, was sold for an estimated average of 580,000 euros - 9.8 percent more than in the previous year. In northern Hesse, such a property was on average available for around half - 287,000 euros. Prices rose by 11.2 percent.
A resold condominium in southern Hesse costs an average of 3950 euros per square meter (2021: 3550 euros). In northern Hesse, 2300 euros per square meter were due (2050 euros).
The ZGGH used the purchase price collections of the expert committees as a data source, in which all actually realized and notarized purchase contracts are recorded anonymously.
