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Buying an apartment in Kassel: dream or expensive reality? Prices are rising!
Real estate prices in Kassel are rising while financial burdens have fallen. Current market developments and trends at a glance.
Buying an apartment in Kassel: dream or expensive reality? Prices are rising!
In Kassel, many people still dream of owning their own home, but buying a property is increasingly perceived as unattainable. Loud HNA Real estate prices in the city have risen in recent years. While loan burdens have been reduced in many German cities, Kassel is not following suit. Three years ago the price for a 75 square meter apartment was 213,000 euros. Today it is already 217,000 euros - so not much has changed for the better.
Although current financing conditions appear comparatively favorable with an average interest rate of around 3.65 percent (as of October 2022), the monthly rate remains a challenge for many buyers. If you want to buy an apartment in Kassel, you usually have to put up 20 percent equity - that's 43,400 euros. The remaining financing requirement of 173,600 euros results in a monthly installment of 794 euros. That's 15 euros more than three years ago, which is putting some buyers in trouble.
Market analysis and price dynamics
The rising real estate prices in Kassel are the result of various factors. On the supply side, the availability of building land, rising construction costs and regulations in the construction industry play an important role. On the demand side, it is population and economic factors such as income and unemployment that influence the market. A good income and the increase in population usually lead to increased demand, which of course increases prices, as Engel & Völkers reported.
Another important point is the general economic situation, which also has an impact on the real estate market. Political decisions and infrastructure projects, in turn, can significantly increase the attractiveness of a region and thus have a significant impact on real estate prices.
The future of the housing market
Dr. Robert Wagner from Immowelt describes the current situation as not unproblematic. He warns of a further increase in asking prices, especially in combination with stable building interest rates, which could put a significant strain on the financial situation of potential buyers in the future. This means that the hope of owning a home is increasingly becoming an impossible dream for many in Kassel.
In summary, it can be said that property prices in Kassel remain high, despite falling loan burdens in many other cities. Demand remains unbroken, while on the other hand the economic and legal framework must adapt to make the market more accessible to everyone.