Real Estate Prices Decrease in Offenbach - Construction Expansion Pauses Temporarily
In the heart of Hesse, Offenbach continues to thrive as a bustling city, despite noticeable price declines in its real estate market. Offenbach, much like large parts of the Rhine-Main region, remains an expensive property location, according to Paul-Gerhard Weiß, the city's planning and building commissioner.
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The complete real estate market report for Offenbach can be downloaded from the city's website, providing a comprehensive overview of the current market trends. Building plots, terraced houses, semi-detached houses, multi-family houses, and resold condominiums have all experienced a price decline in Offenbach. However, this decline offers some relief to buyers, although demand remains cautious due to high mortgage interest rates.
The city of Offenbach continues to focus on development and the creation of new housing. New construction projects, such as Quartier 4.0 at the former freight station and the Ledermuseum, are underway. These projects aim to create new apartments and offer hope for affordable housing in Offenbach.
The redevelopment of the KWU towers area into a new district is another promising development. This redevelopment is expected to result in around 800 to 1,000 mostly rental apartments, providing a significant addition to Offenbach's housing stock. Similarly, the Franz-Liszt-Quartier is undergoing energy-efficient renovations and additions to existing residential buildings, further contributing to the city's development.
The significant increase in mortgage interest rates since 2021 is a central factor in the cautious development of the Offenbach real estate market. Today, buyers in Offenbach have to pay significantly more interest for real estate purchases than before. This increase has contributed to the decrease in monetary turnover on the Offenbach real estate market, which fell from 666.9 million euros in 2022 to 408.9 million euros in 2023.
Despite the decrease in monetary turnover, the area turnover in Offenbach slightly increased from 29.7 hectares in 2022 to 31.4 hectares in 2023. This increase suggests that while the market is experiencing a downturn, it is not contracting significantly.
The 2024 real estate market report in Offenbach indicates a downward trend, but the city remains optimistic about its future. With ongoing development projects and the promise of affordable housing, Offenbach continues to attract buyers and investors alike. For those interested in staying informed about Offenbach's real estate market, subscribing to the city's free newsletter is an excellent starting point.
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