The real estate market in Dortmund is experiencing a significant shift. For the first time in years, property prices, especially for detached family homes, have shown a notable decrease.
Stefan Szuggat, Head of Environment, Planning and Housing for the City of Dortmund, announced on Tuesday that the local real estate market has seen a substantial decline in purchase prices for detached family homes. This comes as a relief to potential homebuyers after years of steadily increasing property prices.
The city evaluated both the supply and demand sides of the property and real estate market for 2023. Szuggat commented on the current situation, saying, “I think one of the most apparent results from last year is that the price spiral for purchasing residential properties seems to have actually stopped.”
According to the data, the average price for family homes was 550,000 euros, which is 48,000 euros less than the previous year. This represents a price decrease of approximately 8.7 percent.
Rental market remains tight
While house prices have decreased, the average rent has continued to rise by four percent. In 2023, the average offered rent was 8.59 euros per square meter, according to city data. The increase from 2021 to 2022 was about 4.4 percent.
The vacancy rate stands at 1.9 percent, with a total of 6,600 apartments remaining empty for more than six months. The city announced plans to intensify checks in neighborhoods over the coming months to determine where and if apartments are vacant. This measure aims to increase the housing supply in Dortmund.
