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Thuringia's housing market is booming despite vacancies and rising costs!
Thuringia is experiencing increasing housing numbers and challenges with vacancies and costs. Current figures and trends in the housing market.
Thuringia's housing market is booming despite vacancies and rising costs!
In Thuringia there is a remarkable increase in the number of apartments even in times of declining population. Current reports from Antenna Thuringia According to this, almost 1.18 million apartments were already registered at the end of 2022. This is around 3,100 more than in the previous year. What is striking is the average size of the apartments, which is around 86.6 square meters, while an average of two people live per apartment. Statistically speaking, every Thuringian has 48.4 square meters of living space available.
The stock of residential buildings in the Free State is particularly impressive: at the end of 2024 there were 553,753 buildings, with single-family homes making up the majority at 72 percent. Multi-story apartment construction also recorded an increase and now accounts for almost 16 percent of residential buildings, which is even more indicative of a changing living culture. The addition of new apartments was primarily concentrated in three-room apartments, to which 610 new units were added.
Challenges in the housing market
The current situation also results in a number of challenges affecting the housing industry. The Association of Thuringian Housing and Real Estate Industry e.V. has emphasized the need to secure affordable housing in its new housing market report. The so-called “Day of the Thuringian Housing Industry” recently took place again as a face-to-face event. A survey also showed that 72 percent of housing companies rate their business situation as good to very good, which represents a slight increase compared to 2020.
However, there are serious concerns: the combination of high energy prices and tight energy supplies increases housing costs and makes investments more difficult. Before the Ukraine war, the forecasts were generally more positive, but geopolitical developments have exacerbated the situation.
The state of the housing market
The vacancy rate in Thuringia has increased to 9.0 percent, which represents a challenge for many housing companies. Particularly in rural areas, the vacancy rate is as high as 11 percent. The main reason for the vacancies here is often the lack of demand. Loud Real Estate Current New models to combat vacancies are urgently needed.
The average net rents have also changed. In December 2021, the rental price per square meter averaged 5.26 euros, with an increase of 1.7 percent compared to the previous year. In order not to further jeopardize rental prices and therefore affordability, attention must be paid to necessary investments.
Overall, the Thuringian housing market is showing both upward movements and worrying tendencies. Society remains challenged to find innovative solutions to meet the challenges and improve the living situation for all citizens.