The real estate market:
A lot of demand, limited supply and low interest rates have attracted many investors to the residential real estate market in recent years.
In 2022, however, the market collapsed - the investment volume fell to a quarter of the previous year's value: approx. 12 to 13 billion euros were transacted in 2022. The estimates of the banks and brokerage firms differ, but everyone agrees that it was much less than in 2021 (approx. 52 billion euros).
The market is currently at its lowest level in 10 years and in the "price discovery" phase.
Because of the higher interest rates and increased construction and renovation costs, buyers are no longer willing to pay the price level of previous years. Sellers have not yet said goodbye to this. Therefore, for 2023 we expect that the market will only gradually level off and transactions will increase, but probably to a greater extent only in the second half of the year.