The real estate market has been heading towards its peak for about ten years. In 2022, luxury properties achieved record prices. But average prices also continued to rise. Due to the changed framework conditions caused by the rise in interest rates and inflation, experts expect stagnating or falling real estate prices in the future.
In the third quarter of 2022, prices for residential property in Germany had still risen by an average of 4.9 percent compared to the same quarter of the previous year. The increase in house prices has thus almost halved within one year. However, flats and detached and semi-detached houses were already 0.4 per cent cheaper on average compared to the previous quarter of 2022, the Federal Statistical Office (Destatis) reported.
In the luxury segment, the reported figures are remarkable. Buyers paid dizzying prices for luxury properties in Germany this year. The most expensive house was offered for 15 million euros, the most luxurious flat cost 8.9 million euros. This is shown by a ranking of the ten most expensive houses and flats advertised on immowelt.de between January and November 2022. While the most exclusive houses include a particularly large number of domiciles on the Upper Bavarian lakes, properties from Berlin, Munich and Hamburg dominate the ranking of the most expensive flats.
A luxurious flat in an old building with a roof terrace, eight rooms and 437 square metres of living space in Berlin's Charlottenburg-Wilmersdorf district for 8.9 million euros is at the top of the ranking of the most expensive flats. In second place is a 454-square-metre penthouse in the immediate vicinity of the Brandenburg Gate, which was offered for eight million euros. Overall, four of the ten most expensive flats are in the German capital.
The most expensive flat in Munich was a penthouse at the Englischer Garten with 258 square metres of living space for 7.95 million euros. The most expensive flat in Hamburg was offered for 7.9 million euros. For this price, buyers could purchase a place in the heart of HafenCity with 314 square metres of living space and a view of the Elbe.
(Photo: © Tonlonkhu, Pixabay)
