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2011 Record Year for Germany’s Housing Markets

  • 136,000 sales transactions in Germany’s major cities (+11.5 percent)
  • 21.6 billion Euros in sales (+18.7 percent)

In 2011, 60 out of Germany’s 82 biggest cities saw
condominium sales increase year on year. Overall, the number of transactions
rose by 11.5 percent to 135,552 units (2010: 121,612 units) while the turnover
increased by 17.9 percent to 21.6 billion Euros (2010: 18.7 billion Euros). This is
the upshot of the 2012 Accentro Residential Property Report, which is based on
the analysis of surveyor committee data. “The figures document impressively:
2011 has been the best year for the German residential markets in the recent
past,” said Jacopo Mingazzini, Managing Director of Accentro GmbH.

Condominiums in Berlin and Munich Particularly Sought
Germany’s largest residential market, the one in Berlin, experienced a 22.2
percent one-year increase in sales figures. A total of 21,161 apartments changed
hands in the nation’s capital. Runner-up in the absolute sales ranking was Munich
with 15,024 units (including commonhold). “The lively sales activity is another
tell-tale sign of how coveted condominiums in Munich are,” elaborates Mingazzini.
“During the 2011 report year, more than four billion Euros were spent on
condominiums in Bavaria’s state capital. This means that the figures for Munich
have nearly doubled in just five years.” Notwithstanding the much higher turnover
volume, condo sales in Berlin totalled only 3.2 billion Euros – which is still a yearon-
year increase by nearly 30 percent. All things considered, Berlin’s condo
market has outperformed the one in Munich in many aspects, and the numerous
drill-down rankings of the report suggest as much. Comments Mingazzini: “Berlin
is catching up.”

Widening Gap between Northern and Southern Germany
In absolute transaction figures, the city ranking put Hamburg in third and Cologne
in fourth place with 7,206 and 6,610 apartments sold, respectively. “Even though
Hamburg’s population exceeds of Munich by 400,000 residents, the number of
transactions reported from Hamburg is less than half of that in Munich. Moreover,
the number of annual apartment sales in Hamburg has barely increased and
indeed slightly declined since 2010, unlike in the Bavarian state capital. The
speed at which Germany’s residential markets develop differs greatly – and the
most striking aspect is the north-south gradient,” said Mingazzini as he elaborated
the figures. Aside from Munich, a number of other southern German cities scored
top positions in the drill-down rankings of the report. The list of cities with the
highest number of sales for every 1,000 residents, for instance, lists Regensburg,
Erlangen, Freiburg, Heilbronn, Ingolstadt, Fu?rth and Mainz among the top ten.
“Apartment sales in East Germany were comparatively reticent in 2011 – with the
exception of Berlin, Dresden, Leipzig and Rostock – and the same is true for the
metropolitan region Rhine-Ruhr,” said Mingazzini.

Shooting stars of the Year: Frankfurt and Dresden
For the residential markets in Frankfurt and Dresden, 2011 was a remarkable year.
Sales figures in Frankfurt am Main rose by nearly 24 percent to more than 4,000
units, while the turnover per apartment increased by a fifth to 260,599 Euros on
average, and total sales were up by almost 50 percent. “Particularly interesting is
the fact that the 2011 housing boom in Frankfurt was driven by new construction
more than by any other segment,” added Mingazzini. “The number of existing
apartment sales decreased since 2010, whereas the number of new apartments
retailed more than doubled – rising from 744 to 1,548 units.” Players on
Dresden’s residential market also experienced an amazingly successful year in
2011. In the city ranking by highest number of transactions, the Saxon state
capital placed fifth – directly behind the country’s four metropolises of more than
a million residents. With 4,326 apartments sold in 2011, Dresden moved up from
tenth place the year before, outperforming Stuttgart (4,309 units, sixth place),
Frankfurt (4,043 units, seventh place), Du?sseldorf (3,701 units, eighth place),
Nuremberg (3,638 units, ninth place), and Bremen (3,634 units, tenth place).

Trend Remains Positive in 2012
All things considered, the results for 2011 show that the catch-up phase is fully
under way on the German condominium market, said Mingazzini. He went on to
say that this trend is likely to continue in 2012. “Sales will continue to rise in the
ongoing year. That being said, I expect the growth rate to start levelling out – as a
number of cities are already confronting a genuine supply issue.” This, he
explained, is indicated by the fact that some areas experienced hefty price hikes
even though the transaction figures have barely increased lately. “The German
residential market is in perfect health,” said Mingazzini.

About the Accentro Residential Property Report
The Residential Property Report is published by Accentro GmbH in its fifth edition this
year. The analysis is based on residential property sales transacted in Germany’s 82 major
cities during the reporting year. Its ability to mine the data of the surveyor committees
sets this report radically apart from similar publications that tend to be based on expert
assessments or the evaluation of quotes.

About Accentro
Accentro is a real estate service provider that specialises in the retailing of large housing
portfolios. The company’s fortes include the socially compatible, tenant-oriented sales of
large apartment holdings, in the exit-oriented asset management of housing portfolios,
and in investment consultancy in the context of these segments.
In addition to its headquarters in Berlin, Accentro maintains a branch office in Stuttgart
and additional projects offices all over Germany. Accentro is a member company of
residential real estate specialist Estavis AG.

Media and Public Relations Contact:

Andy Dietrich

Media and Communication Consulting
Dr. ZitelmannPB. GmbH
Rankestrasse 17
D-10789 Berlin
Tel. +49 30 - 72 62 76 153
Fax +49 30 - 83 62 76 1793