Harburg's Apartment Prices Surge 23% Despite Housing Decline
Rent and property prices in Hamburg's Harburg district have been on the rise, with a significant increase in apartment prices and net cold rents over the past four years. Meanwhile, the number of new housing completions and constructions has decreased.
In 2019, the average net cold rent per square meter for privately financed apartments stood at 6.64 euros. By 2023, this figure had risen to 7.13 euros, marking a 7.4% increase. Similarly, the average net cold rent for publicly subsidized apartments climbed from 6.54 euros in 2019 to 7.11 euros in 2023, a 8.9% increase.
The number of completed apartments in the district has also seen a decline. From 1,051 in 2019, the figure dropped to 578 in 2022, a 45% decrease. This trend is reflected in the construction of new housing units. The number of row houses built fell from 2020 to 17 in 2022, and the number of single-family houses constructed dropped from 292 in 2021 to 100 in 2023.
The latest figures for 2024 show that 120 apartments were completed in the Harburg district. Despite the decrease in new housing completions and constructions, apartment prices have risen by 23% over the four-year period, from 388,000 euros in 2019 to 520,000 euros in 2023.
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