Regions in North Rhine-Westphalia and East Germany Follow Upward Trend
The housing markets of several major cities in North Rhine-Westphalia and in the eastern German Länder stood out last year with a particularly robust performance. According to the latest ACCENTRO Homeownership Report, the city with the steepest growth in home prices in 2019 was Dortmund – where condominiums were 38.53 percent more expensive than they had been a year earlier.1
The city with the second-fastest price hike nationwide (30.33 percent) was Remscheid, another city in North Rhine-Westphalia. The city of Herne, located in the same state between Dortmund and Essen, reported a similarly brisk selling price increase of 23.35 percent. It is the fifth-highest figure nationwide. Herne was closely trailed by Solingen (near Düsseldorf) with a 23.12 percent increase, while Witten, also in the Ruhr, made the top ten (ninth place) with a growth of 17.55 percent. Other cities in North Rhine-Westphalia that made the top 20 list of fastest growing prices include Hamm, Bochum and Duisburg.
Fast Selling-Price Growth in Dresden and Leipzig
Cities that stand out in the eastern German states include particularly Dresden with a selling price increase of 15.90 percent and Potsdam with a 13.98-percent increase. Another city with a double-digit price hike is Leipzig (10.59 percent). As in previous years, the housing market saw particularly dynamic action in the economic centres of Saxony as well as in the Berlin metro area. Magdeburg (12.31 percent) and Chemnitz (7.44 percent) also returned impressive growth figures.
Striking to note moreover is that the number of sold condominiums increased significantly in several cities of North Rhine-Westphalia. Herne did particularly well in this regard with a price growth by 29.01 percent. As a result, the city ranks fourth nationwide – behind Gelsenkirchen with an increase by 29.28 percent.
Brisk Dynamic on the Housing Markets of North Rhine-Westphalia
Bochum, Witten, Essen, Hagen, Oberhausen, Paderborn and Neuss are among the 20 German cities with the fastest growth in transaction volumes. Their performance points to a very brisk dynamic on the housing markets of North Rhine-Westphalia – as the state appears to have gained in appeal lately that has translated into a significant growth in market action.
Meanwhile, eastern cities like Magdeburg, where 21.22 percent more flats were sold, and Chemnitz with an increase by 16.53 percent, also registered a substantial increase in sales activities. Dresden reported double-digit growth in this category, while the number of flats sold in Leipzig increased by 5.69 percent, still a great result. These cities in East Germany are obviously very popular among condominium buyers.
Compare the top 10 cities in Germany in various rankings at: www.accentro.ag/publikationen/wohneigentumsreport/ and order the complete report on the development of the 82 major cities with extensive evaluations on over 200 pages.