Property market report for Bonn Apartment prices rise by up to twelve per cent
Bonn · Property market sales were 1.2 billion euros last year as average prices for properties continue to rise.
Christof Linnemann, executive secretary of the committee for property values for Bonn, which prepared the property market report, said on Tuesday: “As in neighbouring Cologne, the market is tight, but one cannot yet talk of a property bubble.”
As data, the committee analysed 2957 notarised purchase contracts. In their report, which can be found online on the city’s internet site, the appraisers also created their own map of guide values for Gründerzeit (late 19th century) properties. “It’s a special market, just as properties close to the Rhine are,” said Linnemann.
Apartments make up the majority of the contracts. 1672 changed hands in 2016, most of them in the Bonn district (463) followed by Bad Godesberg (446). Prices have increased by six to twelve per cent compared with 2015 and are particularly high for apartments that are between five and 50 years old. The cheapest areas are Dransdorf and Neu-Vilich.
As before, the most expensive properties are in Südstadt. In the city centre, Ippendorf/Venusberg, in the Musikerviertel and close to the Rhine in Godesberg, the average prices of new-build apartments are upwards of 4500 Euros per square metre. Apartments up to sixty years old steadily lose value. Gründerzeit properties by contrast cost more.
Developed plots
Annette Lombard, head of the advisory committee, emphasized: “What is paid for houses is very dependent on the year of construction and the finish.” She also attributed the further increase in prices to the continued low level of interest rates.
For detached houses built between 1975 and 2014 with an average size of 170 square metres, the asking prices were between 335,000 and 570,000 Euro. For an end of row or semi-detached house built between 1950 and 1974, buyers paid between 175,000 and 425,000 Euros for 122 square metres.
Undeveloped plots
Sales of undeveloped plots more than doubled from 50 million Euros in 2015 to 107 million Euros. Lombard attributed this change to several large building areas on which plots were for sale. “It could be completely different this year.”
Building land with probably the greatest potential is in Beuel where, for example, the Geislar area will be developed. 101 plots were sold in the city area last year, 99 in Bonn, 49 in Bad Godesberg and 23 in Hardtberg. The price of building land for one and two family homes rose by four per cent and for apartment blocks by twelve percent year on year.
Original text: Philipp Königs. Translated by Kate Carey.
