Why Frankfurt rises

Ziegert Report launch 2018/19

Frankfurt, October 2018
by Dorothea Metasch

Frankfurt is a city of encounters, as the journalist Florian Siebeck writes in the latest Ziegert Report: While having a footprint smaller than the town of Münster, Frankfurt is home to nearly 750,000 people while commuters coming to the city by the hundreds of thousands increase its population to more than a million on week days.

Since green areas account for half of the city area, the urban population is clustered in a narrowly confined space. It was no different in Goethe’s day and age. The writer was born in Frankfurt in 1749. During his youth, houses crowded closely together, with upper floors often jettying several metres into the street. Today, high rises serve the same purpose as the historic jetties, and Frankfurt’s skyline shows that nothing has changed about the density of development. Aside from the growing number of residential high-rises, the fact is also illustrated by the keen demand for condominiums. Each listing attracts 4.43 requests on average, more than in any of the other “Big Eight” cities, and this in turn has spurred new-build construction.

Roughly five flats for every one thousand residents were completed in Frankfurt over the past years. Compared to other cities in Germany, it is one of the highest rates, second only to Munich. The brisk construction activities have in turn made Frankfurt the only condominium market in the Big Eight cities that is dominated by first-time sales. New-build construction and redevelopment projects accounted for 57 percent of all apartments sold in 2017. The fact is reflected in the prices. Last year, the going rate inside the Frankfurt city limits ranged from 4,700 to 9,100 euros per square metre, with the median at approximately 5,500 euros per square metre.

There is no sign of a slowing dynamic. Several up-market high-rise projects either in planning or already under construction at this time will substantially raise the number of condominiums sold at prices upward of 1 million euros in Frankfurt, according to a forecast made by the new Ziegert Report. As it is, 117 of the apartments notarised in 2017 already belonged in this price category, and the highest square-metre price paid was 21,956 euros. It almost makes you wonder whether Goethe would be able to afford living in Frankfurt today.

 

Frankfurt is a city of encounters, as the journalist Florian Siebeck writes in the latest Ziegert Report: While having a footprint smaller than the town of Münster, Frankfurt is home to nearly 750,000 people while commuters coming to the city by the hundreds of thousands increase its population to more than a million on week days.

Since green areas account for half of the city area, the urban population is clustered in a narrowly confined space. It was no different in Goethe’s day and age. The writer was born in Frankfurt in 1749. During his youth, houses crowded closely together, with upper floors often jettying several metres into the street. Today, high rises serve the same purpose as the historic jetties, and Frankfurt’s skyline shows that nothing has changed about the density of development. Aside from the growing number of residential high-rises, the fact is also illustrated by the keen demand for condominiums. Each listing attracts 4.43 requests on average, more than in any of the other “Big Eight” cities, and this in turn has spurred new-build construction.

Roughly five flats for every one thousand residents were completed in Frankfurt over the past years. Compared to other cities in Germany, it is one of the highest rates, second only to Munich. The brisk construction activities have in turn made Frankfurt the only condominium market in the Big Eight cities that is dominated by first-time sales. New-build construction and redevelopment projects accounted for 57 percent of all apartments sold in 2017. The fact is reflected in the prices. Last year, the going rate inside the Frankfurt city limits ranged from 4,700 to 9,100 euros per square metre, with the median at approximately 5,500 euros per square metre.

There is no sign of a slowing dynamic. Several up-market high-rise projects either in planning or already under construction at this time will substantially raise the number of condominiums sold at prices upward of 1 million euros in Frankfurt, according to a forecast made by the new Ziegert Report. As it is, 117 of the apartments notarised in 2017 already belonged in this price category, and the highest square-metre price paid was 21,956 euros. It almost makes you wonder whether Goethe would be able to afford living in Frankfurt today.

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