In some parts of Germany, demand for real estate fell by between 50 and 90 percent. The time it takes to sell real estate is currently getting longer again. The drop in demand is also having an impact on property prices. If you want to know exactly how much your property is still worth, you should have it professionally valued.
First of all, it should be said that current developments on the German real estate markets are inconsistent. It is difficult to make an exact forecast of future developments. This is because there are sometimes opposing factors influencing the markets.
Rented apartment versus own home
The pressure on the rental market remains high and could continue to increase significantly due to the drop in demand for real estate, according to experts. At the same time, there is still a demand for owning your own four walls - not least because of the pressure on the rental market. Real estate also remains a sought-after investment due to a lack of investment alternatives.
And yet: in Munich or Frankfurt am Main, according to Analysts at the Swiss bank UBS Real estate will soon be 10 to 15 percent cheaper - writes the Handelsblatt. In other metropolitan areas, on the other hand, prices are continuing to rise - but at a somewhat slower pace.
Do not rely solely on online real estate valuations
You should not rely solely on online real estate valuations. There are many dubious calculators. The calculators often only give a price range for your property. Going to the market with the right offer price on this basis is therefore a matter of luck. And the online valuations do not take into account the special features and condition of your property.
Have it assessed by a professional
Only real estate professionals with experience and market knowledge can therefore determine a realistic property value. A local quality estate agent will therefore only value a property after an on-site inspection and inspection of the relevant documents. Because every property is individual. If, for example, a right of residence is entered in the land register, this reduces the value.
Tested guidelines
How a real estate valuation should be carried out properly is described in the Real Estate Valuation Ordinance (ImmoWertV). It states when the comparative value, asset value or capitalized earnings value method should be used. As the calculations are also complex, this should be left to a professional unless you want to familiarize yourself in depth with the calculation formulas.
Are you unsure how much your property is currently worth or how its value will develop in the future? Get in touch with us! We will be happy to advise you.
Notes
For reasons of better readability, the generic masculine is used in this text. Female and other gender identities are explicitly included where this is necessary for the statement.
Legal notice: This article does not constitute tax or legal advice in individual cases. Please consult a lawyer and/or tax advisor to clarify the facts of your specific individual case.
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