Number of real estate millionaires more than doubled

Real estate ownership is a successful means of wealth accumulation. This is shown by a current evaluation of purchase offers on ImmoScout24, where prices of over one million euros are being asked. The number of properties with such a high asking price has more than doubled within five years. 

The asking prices for flats have risen by an average of around 60 percent since the first half of 2018, and those for houses by more than 50 percent. Despite the price dip in mid-2022, many properties have become million-dollar properties in the course of the price increase of the last five years. In the 1st half of 2023, around 44,000 flats and houses with a purchase price of one million euros or more were offered. Five years earlier, there were only around 19,000 properties in this price range. So within five years, the number of property offers alone has more than doubled in the million euro range.

Prices for houses have risen into the million euro range more frequently than prices for flats in recent years. The share of houses over one million euros in the total number of properties on offer has risen from 74 percent to 79 percent in the last five years. The share of flats offered for more than one million euros in the first half of the year was 21 percent.

The price development of the last five years makes it clear how rewarding home ownership is. The top ten cities with the highest share of million-dollar properties in the total supply are predominantly in Bavaria. The front-runner is the district of Starnberg. More than 60 per cent of the properties on offer are in the million euro range. The Bavarian district of Miesbach follows in second place. 53 percent of the residential properties on offer exceed the million mark.

Among the top 10 places with the most million-euro properties, there are only two that are not in Bavaria. The district of Nordfriesland is in 8th place, with around a quarter of the purchase offers (26 %) here costing one million euros or more. A large proportion of these are on the island of Sylt. In tenth place is Baden-Baden in Baden-Württemberg, where 24 per cent of the properties on offer cost more than one million euros.

(Photo: ThisisNazafarin, Pixabay)