• Germany's news in English

North Sea island is jewel in German house market

The Local · 7 Jun 2012, 15:24

Published: 07 Jun 2012 15:24 GMT+02:00

Facebook Twitter Google+ reddit

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.

Story continues below…

“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.”

The Local/jcw

The Local (news@thelocal.de)

Facebook Twitter Google+ reddit

Your comments about this article

10:43 June 8, 2012 by BobbyBaxter
Good to hear that house prices in Germany are on the up. I brought a flat in Berlin a year ago and it is nice to know that it appreciating in value.
Today's headlines
Creepy clown scare spreads to Germany
Two of the clowns were apparently equipped with chainsaws. Photo: Pedro Pardo / AFP file picture

Police said Friday five incidents involving so-called scary clowns had occurred in two north German town, including one assailant who hit a man with a baseball bat, amid fears that Halloween could spark a rash of similar attacks.

Student fined for spying on women via their webcams
Photo: DPA

Student from Munich fined €1,000 for spying on 32 different computers, using their webcams to take photographs, or record their keyboard history.

This is how much startup geeks earn in Germany
Photo: DPA

A comprehensive new survey of 143 startup founders shows how much you are likely to be earning at a German startup, from entry level all the way up to sitting on the board.

Man dies after beating for peeing near Freiburg church
The Johannes Church in Freiburg. Photo Jörgens Mi/Wikipedia

A middle-aged man from southern Germany has died after being attacked by a group of men who took umbrage with the fact he was urinating in the vicinity of a church.

The Local List
Seven German celebrities with uncanny doppelgängers
Former Berlin mayor Klaus Wowereit and actor Alec Baldwin. Photo: DPA; Gage Skidmore, Wikimedia Commons

Check out these seven look-a-likes of well known German figures - we admit that some are more tenuous than others...

Israel seeks to buy three new German submarines: report
A Dolphin class submarine. Photo: DPA

Israel is seeking to buy three more advanced submarines from Germany at a combined price of €1.2 billion, an Israeli newspaper reported Friday.

Here’s where people live the longest in Germany
Photo: DPA

Germans down south seem to know the secret to a long life.

More Germans identify as LGBT than in rest of Europe
Photo: DPA

The percentage of the German population which identifies as lesbian, gay, bisexual or transgender is higher than anywhere else in Europe, according to a new study.

'Reichsbürger' pair attack police in Saxony-Anhalt
File photo: DPA.

A "Reichsbürger" and his wife attacked police officers on Thursday, just a day after another Reichsbürger fatally shot an officer in Bavaria.

Five things not to miss at the Frankfurt Book Fair
Photo: DPA

From consulting a book doctor to immersing yourself in an author's world with the help of virtual reality, here are five things not to miss at this week's Frankfurt Book Fair, the world's largest publishing event.

Sponsored Article
How to vote absentee from abroad in the US elections
10 things you never knew about socialist East Germany
Sponsored Article
Last chance to vote absentee in the US elections
How Germans fell in love with America's favourite squash
How I ditched London for Berlin and became a published author
Sponsored Article
How to vote absentee from abroad in the US elections
12 clever German idioms that'll make you sound like a pro
23 fascinating facts you never knew about Berlin
9 unmissable events to check out in Germany this October
10 things you never knew about German reunification
10 things you're sure to notice after an Oktoberfest visit
Germany's 10 most Instagram-able places
15 pics that prove Germany is absolutely enchanting in autumn
10 German films you have to watch before you die
6 things about Munich that’ll stay with you forever
10 pieces of German slang you'll never learn in class
Ouch! Naked swimmer hospitalized after angler hooks his penis
Six reasons why Berlin is now known as 'the failed city'
15 tell-tale signs you’ll never quite master German
7 American habits that make Germans very, very uncomfortable
Story of a fugitive cow who outwitted police for weeks before capture
Eleven famous Germans with surnames that'll make your sides split
The best ways to get a visa as an American in Germany
jobs available
Toytown Germany
Germany's English-speaking crowd