Real estate prices in Cologne have increased by 32.4 percent since 2018. This is the conclusion reached by the real estate start-up Scoperty, which uses an algorithm to estimate square meter prices for houses and apartments.
According to estimates, a single-family house in Cologne cost 4507 euros per square meter in the first quarter of 2021. For apartments it was 4049 euros. Real estate prices have also risen dramatically in the Cologne area recently: in Leverkusen, the Rheinisch-Bergischen and Rhein-Sieg districts also by around 32 percent, in the Rhein-Erft district by as much as 34.13 percent.
Price increases in the surrounding area more moderate
In the more distant surrounding area, the price increases were lower: plus 27.95 percent in the Oberbergischer Kreis, plus 30.3 percent in Euskirchen and 28.83 percent more in the Vulkaneifel. There, the average estimated square meter prices of 1709, 1931 and 1393 euros at the beginning of the year were noticeably lower than in the direct vicinity of Cologne. In the Rhein-Erft district (2,886 euros), Leverkusen (2,685 euros), the Rheinisch-Bergischen district (2,813 euros) and the Rhein-Sieg district (2,789 euros), they were sometimes more than 1,000 euros more expensive.
However, there are also large price differences within the districts. For example, the municipality of Pulheim in the Rhein-Erft district has a value of 3614 euros, while in the more remote Elsdorf it is only 2083 euros.
Scoperty determines the estimated market value using data such as the building address, the estimated living area and lot size, and the estimated year of construction. Transactions are also included. According to its own information, the start-up provides data on 35 million residential properties – out of a total of 40 million in Germany. “The aim is for us to create transparency about the market and prices,” says Managing Director Michael Kasch.
However, the model is controversial: Experts criticize above all that many decisive factors are left out of the estimated values and, for example, the condition of a property is not taken into account. Samples show that the estimated value of supposedly identical terraced houses is sometimes 80,000 euros apart. Kasch points out that the values should only serve as a first point of reference for a valuation. “Ultimately, a purchase price is the result of negotiations between the buyer and seller.”
Source: Kölner Stadt-Anzeiger – Kölner Stadt-Anzeiger by www.ksta.de.
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