Düsseldorf: Potential for value growth in prime locations

Düsseldorf is one of Germany’s most desirable economic locations and has earned itself a reputation as a lifestyle and fashion city thanks to the many premium brands that are based there. International companies such as the Metro Group and Vodafone are headquartered here, as is the DAX company Henkel. The good overall economic situation is also boosting the property market. “We are still seeing a clear potential for value growth, especially in prime locations. Demand is as high as ever”, says Birgit Pfeiffer, Managing Director of Engel & Völkers in Düsseldorf.

Top prices for properties on the Rhine

Some of the most exclusive districts in the state capital of North Rhine-Westphalia include Oberkassel, Niederkassel and Golzheim near the historic centre and Kaiserswerth and Wittlaer on the banks of the Rhine. In these desirable locations, detached and semi-detached houses fetched top prices of up to 4.2 million euros in 2018 (2017: 4.1 million euros). In the same period, freehold apartments achieved prices per square metre of up to 12,000 euros (2017: 11,000 euros). “Oberkassel and Golzheim in particular are noted for their spacious and well refurbished apartments in older buildings. These are very popular among buyers. Locations on the banks of the Rhine are sought-after as well”, says Birgit Pfeiffer. Virtually all potential buyers come from within Germany and are looking to buy a primary residence.

Outlook: new, sought-after residential areas in the suburbs

Engel & Völkers is expecting prices to stabilise at a high level in 2019 and even rise further in select top locations. “This year, we have already sold a town house for 10 million euros. Furthermore, we are currently marketing two town houses for 10 and 7 million euros. Premium properties in prime locations attract this kind of price”, explains Birgit Pfeiffer. Newly popular residential districts have emerged on the edge of the city. “Young families especially are looking for their own home in the Düsseldorf suburbs, where the prices are still moderate. Popular districts include Unterbilk, Derendorf and Pempelfort”, says Birgit Pfeiffer.

Further trends in purchasing power and property prices in German cities can be found in the “Engel & Völkers Market Report on Residential Property in Germany 2018/2019”.