Existing real estate in Germany has risen in price by an average of 77%, according to the Postbank housing atlas for 2023. The largest increase in property prices has occurred in Berlin due to the interest of both local and international investors. As a result, the average price per square meter in the capital has increased by 120% since 2012. Berlin tops the list of most expensive cities for buying real estate in Germany. Over the same period, the average price in Munich increased by 85%, in Frankfurt by 70%, and in Hamburg and Stuttgart by 60% and 55% respectively.
One of the areas where prices are declining is Gelsenkirchen. Authorities are grappling with high unemployment and a shrinking population that is reducing demand for housing. Since 2012, the average price per square meter in Gelsenkirchen has fallen by 10%.