NRW property market report Developed land in Bonn is significantly more expensive
Bonn · The latest property market report shows that the demand for residential property is booming and land prices are rising. Here we provide an overview.
The latest property market report from the North Rhine-Westphalian Ministry of the Interior shows that the Bonn region is fully in line with the NRW trend for property prices: in 2021 prices increased significantly compared to the previous year. The property market in the region recorded a total turnover of around 3.7 billion euros, with a particularly high rise in prices for developed land, which saw a turnover of over a third more than in the previous year. Turnover in NRW also reached double figures, rising by 16 percent to the record value of 56.52 billion euros.
Despite this high turnover, people in NRW bought fewer plots of land overall than in 2020. Admittedly, the demand for undeveloped and developed land also eased slightly in Bonn. Developed land refers to land on which single-family and multi-family houses or office buildings are located. However, there has been a real boom in residential property in Bonn - purchases increased by 15 percent, whilst in Cologne and Düsseldorf only by single figures. Of the 7,067 properties sold in the Bonn region, almost half were residential.
Bonn’s land prices place it in the top three
The proportion of developed land making a particularly high turnover was equally large. Most were 600 square metres in size and contained detached and semi-detached houses from the 1950s to 1970s. Buyers paid an average of 428,000 euros.
In terms of land prices for medium-sized residential areas, Bonn ranks third place after Düsseldorf and Cologne: buyers pay 760 euros per square metre here. In the Rhine-Sieg district, the towns of Alfter at 580 euros and Sankt Augustin at 540 euros per square metre are particularly expensive.
It is striking that a particularly large number of new builds were sold in the Bonn region compared to the rest of NRW. These accounted for a quarter of all residential properties sold. There were more new builds in the Rhein-Sieg district than in the city of Bonn. There were particularly high numbers in Windeck, Neunkirchen-Seelscheid and Wachtberg.
(Original text: Nina Bärschneider, Translation: Caroline Kusch)
