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What costs do I have to expect for my property? This is a question that concerns everyone who wants to build. There is no general answer to that, so in this video you will learn how big the price range is for building land in Germany, where there are still cheap plots and what costs you have to reckon with in order to be able to plan sensibly.
According to the Federal Statistical Office, the prices for building land in Germany have risen dramatically: On average, you have to pay over 60 percent more for one square meter of building land than 10 years ago. According to Destatis, building land cost an average of EUR 206.17 per square meter in 2021 - a record.
How big are the price differences by region?
The average value does not help, of course, because the price differences depending on the region are extremely high. A good overview of the market situation is provided by the price index from the “Market for Residential Real Estate 2021” by LBS, which is based on surveys of real estate brokers from the Landesbausparkassen and savings banks. Accordingly, the highest prices per square meter are paid for properties in Hamburg and Munich. Stuttgart, Düsseldorf and Frankfurt am Main follow. In the video there are exemplary prices for these regions. There are still cheap properties in the east, in the north or on the western border and in a few less densely populated areas in the Harz or Hochsauerland district. In Bavaria and BW, on average, the highest prices are paid for land.
The price comparison shows what land costs have been incurred in the past year. But that doesn't say anything about how large the property supply in these regions will actually be in the future. According to forecasts, an increasing supply of building land is possible in the south-east of Lower Saxony, in East-Westphalia, northern Hesse, in the north of Saxony-Anhalt and in southern Saxony.
You can find the price list with building land prices for the individual regions here: www.lbs-markt-fuer-wohnimmobi...
What else has an impact on building land prices?
The location also has an impact on the price within a region. Of course, it makes a difference whether a property is on the main road, next to a waste incineration plant or in the city park. If a property is in high demand, the purchase price can also be much higher than usual in the region. The standard land value can offer orientation here. But be careful: the standard land value is not to be equated with the market value, i.e. the current market value of a property. However, if the standard land value is exceeded many times over in an offer, caution is required.
Another important factor influencing price is development. The term building land includes land that is ready for construction and unfinished building land that has yet to be developed but, unlike land that is expected to be built, has already been officially designated as building land. On average, a surcharge of 100% is required for developed properties compared to undeveloped properties.
Additional costs when buying the property
Typical ancillary costs when buying a property are notary fees, land registry entry and taxes. The rule of thumb is: allow around 1.5 percent of the purchase price for the notary and land register! The far larger item is the real estate transfer tax. Before 2006, the rate for the real estate transfer tax was 3.5 percent nationwide. Since then, the countries have been able to set their own rate. The real estate transfer tax varies between 3.5% and 6.5% of the purchase price depending on the federal state. If the property is already built on or if a construction contract for a new house is included in the same contract, the tax rate is due on the total amount including construction costs!
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