Lower real estate prices in Offenbach
26.09.2024
In Offenbach - like everywhere else in Germany - the construction boom is over for the time being. The second half of 2022 already saw a decline in some property prices, and the number of contracts signed was also down. This trend will continue in 2023. These developments are shown in the figures of the 2024 real estate market report published by the independent expert committee for real estate values for the city of Offenbach am Main.
The report provides an overview of the real estate market in Offenbach in the period from December 1, 2022 to November 30, 2023, showing a slight upward trend in take-up compared to the previous year. While 29.7 hectares were sold in 2022, the figure for 2023 was 31.4 hectares. Prices declined for the most part - cash sales fell accordingly from 666.9 million euros in 2022 to 408.9 million euros in 2023. Prices fell in 2023 for building plots, terraced houses, semi-detached houses, multi-family houses and resale condominiums, among others. In contrast, detached single-family and semi-detached houses have become more expensive and prices for new-build apartments have remained the same.
"Like large parts of the Rhine-Main region, Offenbach is still one of the most expensive real estate locations in Hesse," explains Paul-Gerhard Weiß, Head of Planning and Construction, pointing out:
Head of Planning Paul-Gerhard WeißIf you want to buy a house or apartment today, you have to pay significantly more interest than in the past; construction interest rates have roughly quadrupled since 2021. Project developers also face different challenges due to the rise in construction prices.
However, Weiß also points out that new apartments are to be built in Offenbach in Quartier 4.0 at the former goods station and the leather museum.
Brief report of the expert committee:
The full report can be downloaded as a PDF from the "Links and Downloads" section of the Expert Committee's website.