Press Release

13th ACCENTRO Homeownership Report - Over 500,000 Euros – the Average Selling Price for a Condominium in Munich

01.

October 2020

Berlin, 1 October 2020 – In 2019, a total of 20,131 condominiums were sold in Bavaria’s cities, which is a year-on-year increase by 753 units. This is one of the findings published in this year’s ACCENTRO Homeownership Report, which is based on the analysis of data provided by the property valuation committees of Germany’s 82 largest cities. The state capital of Bavaria, for one, saw sales rebound and resume their upward trend after a setback the previous year. All in, the number of condominiums sold in Munich in 2019 totalled 10,373 and therefore 527 more than in 2018. The biggest positive year-on-year change was identified in Regensburg, where 1,273 flat sales translated into a 31.51-percent increase.  

Würzburg Reports Fastest Growth in New-Build Units

Five of the eight Bavarian cities covered made the national top 20 list of German cities by number of new-build units sold. While no Bavarian city registered more condominium sales than Munich (2,826), it was trailed by Nuremberg (616), Regensburg (594), Ingolstadt (327), Erlangen (308), Augsburg (278), Fürth (277) and Würzburg (208). Year on year, the steepest increase since 2018 was identified in Würzburg, where the number of new-build sales grew by 170.13 percent. Except for the cities of Nuremberg (-7.51 percent), Fürth (-43.35 percent) and Ingolstadt (-33.94 percent), all of the Bavarian cities followed an upward trend. State-wide condominium sales in Bavaria added up to 5,434 in 2019, a one-year increase by 119 units “The number of new-build flats sold reflects the level of construction activity in the cities. New-build units play a decisive role in balancing a market, as the strong incoming migration from inside and outside Germany over the past decade has fuelled enormous growth, especially in the Big 7 cities and the swarm cities. The major Bavarian cities are enjoying strong demand for condominiums,” said Prof. Dr. Michael Voigtländer, Head of the Financial Markets and Real Estate Markets Competence Unit at the IW Institute, who was in charge of the data survey for the first time this year.  

Munich still the Most Expensive City in Germany

Just like in 2018, Munich topped the list as Germany’s priciest city. Condominium prices here experienced another year-on-year hike, this time by 10.65 percent. With an average price of 535,043 euros, it just became the first German city to cross the mark of half a million euros. “Munich thereby once again reaffirmed its position as an attractive investment destination,” said Lars Schriewer, CEO of ACCENTRO Real Estate AG. Aside from Munich, price growth was also reported from all the other major cities in Bavaria, except for Fürth (-0.04 percent). But the price growth rate reported from Munich was topped only by Würzburg, where prices rose by 18.63 percent since 2018. On the whole, condominium sales in Munich totalled 5.55 billion euros. This means the Bavarian state capital narrowed the gap separating it from Berlin (6.25 billion euros) down to half.  

About the ACCENTRO Homeownership Report

This edition marks the thirteenth time that ACCENTRO Real Estate AG published its Homeownership Report. For the first time, the homeownership report was compiled in collaboration with the IW Economic Institute this year. The analysis is based on residential property sales transacted in all of Germany’s 82 major cities during the reporting year of 2019. A significant distinction that sets the report apart from similar publications, most of which rely on expert appraisals or on analyses of supply-side data, is that it draws on the data of the cities’ property valuation committees. Detailed findings of the ACCENTRO Homeownership Report on Germany’s ten most populous cities and the trends of the past twelve years are also available online in the ACCENTRO database, and can be retrieved in the form of selective drilldowns: Home Ownership Report

About ACCENTRO Real Estate AG

ACCENTRO Real Estate AG is a residential property investor and Germany’s market leader in housing privatisations. Its real estate portfolio consisted of around 5,200 units as of 31 December 2020. In addition to Berlin, regional focal points include East German cities and conurbations, as well as the Rhine-Ruhr metro region and Bavaria. The business activity of ACCENTRO comprises four core divisions. These are the tenant-sensitive retailing of condominiums to owner-occupiers and private buy-to-let investors, the sale of real estate portfolios to institutional investors, the set-up and management of a proprietary real estate portfolio, and third-party condominium marketing for property asset holders, investors and developers. The shares of ACCENTRO Real Estate AG are listed on the Prime Standard segment of the Frankfurt Stock Exchange (German securities code number WKN: A0KFKB, ISIN: DE000A0KFKB3). investors.accentro.de

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