http://www.thelocal.de/society/20120607-43017.html
Published: 7 Jun 12 15:24 CET, The Local
The most expensive property in
Germany is not in one of the bustling big cities, but on the windy North
Sea island of Sylt, where houses can cost up to €35,000 per square
metre, a high-end estate agent revealed on Wednesday.
Sylt, the largest of Germany's North Sea islands, is famed for its sandy
beach and has been a go-to destination for the upper classes for
decades. Nestled into the island's dunes are the country's most
expensive houses, some setting a buyer back several million euros.
According to Engel&Völkers, a luxury property agency, snaring one of
the sought-after, thatched roof cottages that dot the island is no mean
feat – requiring piles of cash and a stroke of luck.
Prices remain high on the island as there simply are not enough houses
to go around and those who have one, tend to hang onto it.
Company analysts examined market trends for 2010 and 2011, to see where
Germans were paying the most money for a swanky house. For their
purposes, a property was deemed “luxury” if cost more than three times
of the average price in the area. This also had to be over €5,000 per
square metre.
“The top prices quoted are not representative of the market in general,
nor do they reflect price trends for residential property in other
locations,” head of residential property Kai Enders said in a statement.
The same analysts also found that luxury property prices had clearly
increased over the past few years, both in Germany and in popular
holiday destinations such as Italy and southern France. At the very top
end, the price-tags on some properties had even increased by 60 percent.
In Berlin, price per square metre may be less than in the country's
fancier provinces but for a city hailed for its cheap living, some
buyers with deeper pockets than most are starting to cough up €15,000
per square metre for a new-build flat in the city centre.
This is around three times more than it was just a few years ago, when
paying €5,000 per square metre would have been considered extravagant.
Other sought-after locations such as on the banks of Alster Lake in
Hamburg and the environs of the English Garden park in Munich, are
experiencing a similar price boom, as are several popular holiday spots.
“We are anticipating that prices in the best locations detailed in our
survey will continue to rise,” said Enders. He added that there was
still, “a great deal of upward scope if one considers top locations
abroad.”
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