HAMBURG (dpa-AFX) - Real estate in Hamburg and the surrounding communities in Lower Saxony and Schleswig-Holstein has become slightly cheaper on average over the past year. "In the current survey, we are observing price corrections in line with the market after an overheated phase," said Jens Grelle, member of the board of LBS Landesbausparkasse Nordost, at the presentation of the LBS Real Estate Market Atlas Hamburg and Surrounding Area 2023 on Wednesday.

According to the study, average prices for residential properties have fallen by 3.7 to 10.7 percent since the beginning of 2023, depending on the property type. Both new builds and existing properties have thus become slightly cheaper in the Hanseatic city and the greater Hamburg area. Only new-build apartments in Hamburg recorded a slight increase of 2.4 percent.

The LBS study had shown a sharp rise in prices, particularly in the two coronavirus years of 2021 and 2022. In 2023, the market already appeared to be changing somewhat. Grelle pointed out that the price level in the region nevertheless remains high. "Especially when there is little equity, many people have to make a very careful calculation when buying a property," he said./rgr/DP/zb