Residential Property in Berlin Selling like Hotcakes
According to a recent survey by the ImmobilienScout24 real estate portal, the past eight years have not only seen a surge in demand for residential real estate in Berlin but also a dramatic shortening of the time it takes Berlin's market to absorb residential property listings. While buying a home would actually seem to presuppose a lengthy process of decision-making and deliberations, prospective buyers in Berlin are well advised not to spend too much time weighing their options. The survey also shows that the short supply in rental flats in Germany's conurbations puts flat hunters under time pressure when scanning the internet for flats to let, but this is hardly surprising. What did come as a surprise were the results of the property portal's analysis of listing periods: The length of time that property listings remain live has drastically shortened since 2007, and not just for rental listings but also for condominiums offered for sale.
Heightened Demand in Major German Cities Shortens Listing Periods of Property Ads
Nowhere in Germany has demand for real estate been rising faster than in the major cities, and the fact is reflected in the shortened listing periods for property quotes. The analysis shows that tenant leads should hurry if they want to get their dream home, especially in Munich and Frankfurt. Rental flat listings were found to be online just two weeks anymore, down from an average listing period of 24 days as recently as 2007. The obvious reason behind the phenomenon is keen demand, which has long outpaced supply. Most affected are the inner city districts of Germany's metropolises.
As far as homeownership goes, prospective buyers need to be particularly fast in Berlin. Elevated demand and short supply have lately driven up residential property prices in Germany's first city. Online quotes of property for sale in Berlin tend to be delisted mere days after going online. On average, for-sale listings spent 13 days longer on the ImmobilienScout24 real estate portal in 2007 than they did in 2015, when the average listing period was down to just seven days. It is the lowest listing average of any German metropolis, putting Berlin ahead of Hamburg and Munich: Condominiums in Hamburg were listed for an average period of 12 days on the real estate portal, compared to a 14 day average in Munich. Condominium listings for Germany's other major cities were online for much longer periods of time (e.g. 24 days in Frankfurt am Main, and 21 days in Cologne).