Price decline halted - Düsseldorf's real estate market recovers

Following the sharp fall in prices last year, the Düsseldorf property market is showing signs of stabilizing. At the same time, the number of transactions is noticeably increasing again - both for apartments and houses. But what price level is the market currently at?

There is significantly more activity on the Düsseldorf real estate market again. After a historic slump in 2023, significantly more residential properties were sold in 2024. Total turnover rose by 69% to €3.4 billion, while the number of transactions increased by 29% to over 4,000. Nevertheless, the level remains below previous peaks: a few years ago, turnover was still over €6 billion with more than 5,000 sales.

The sharp slump was mainly due to higher interest rates and construction costs. However, according to Thomas Weindel, Chairman of the Expert Committee for Property Values in Düsseldorf, the reluctance of market participants is decreasing noticeably. However, the new-build sector is an exception: despite already low sales figures in 2023, even fewer units were sold in 2024 with only 76 new-build apartments.

As usual, the state authority also fulfilled its statutory mandate for 2024 and analyzed developments on the land and property market. Its report is based on the sums actually agreed in the purchase contracts. A look at the average values from the previous year shows The price decline has stopped for the time being. However, whether this means that the bottom has been reached will only be finally confirmed in the coming months or even years.

Apartments: Stable prices after a sharp slump

Apartments in post-war buildings (older than ten years) are still the most frequently sold - a total of 2707 times last year. The average price per square meter was € 4350, only 0.7 % less than in 2023, which Thomas Weindel classifies as a sideways movement. By comparison, a record level of around € 5200 per square meter was reached in the first half of 2022, before prices fell significantly.

Prices for apartments in older buildings (pre-war buildings) also remained stable and averaged around €5000 per square meter. In 2022, €6,000 per square meter was still recorded here. In contrast, a decline can still be observed for investment properties, i.e. apartment buildings. After a price drop of 15% in 2023, prices have now fallen again by 5% to below € 2200 per square meter.

New builds and houses: slight corrections, stable trend

Prices for new-build apartments should be viewed with caution, as there is only a limited database due to the low sales figures. In good to very good locations, prices per square meter range from €6,000 to over €14,000.

The decline in house prices has also slowed. Terraced houses recorded a slight decline of two % to around € 4250 per square meter. Single-family homes fell by only one % and are currently around € 5500 per square meter.

Price levels by location

The benchmark property values published by the expert committee in the market report remained largely stable depending on location and district, with some values falling slightly. In "simple locations" such as Garath, Rath, Reisholz and Lierenfeld, prices for condominiums range between €2,600 and €4,400 per square meter, while single-family homes cost between €4,400 and €5,600.

In medium to good locations such as Wittlaer, Grafenberg and Unterbach, prices for detached houses range from €5500 to €8000, while apartments in this category, for example in Benrath and Flingern, cost between €3700 and €5700 per square meter. High-quality locations such as the Zooviertel and Niederkassel reach prices of between €8800 and €14,000 for detached houses. For apartments in exclusive locations such as the Altstadt or Oberkassel, the expert committee determined prices per square meter of between €5700 and €10,000.

Standard land values and inner city development

The expert committee also redetermined the standard land values, with a particular focus on the city center this year. The top price on Königsallee including Kö-Bogen I remains unchanged at €55,000 per square meter. In Schadowstrasse including Kö-Bogen II, on the other hand, the value fell to €32,000 per square meter - two years ago it was still €40,000.