The current Land Market Report 2024 provides an overview of the real estate and land market in the City of Bonn. It takes a retrospective look at the purchase and sale transactions from 2023 based on notarized contracts.
The evaluation of purchase contracts for undeveloped plots of land revealed the following price trends Plots ready for construction for residential development with detached and semi-detached houses remained largely stable. In high-priced locations (more than 1,000 euros per square meter), the standard land values were reduced by five percent. In contrast, the standard land values for plots of land for apartment buildings or mixed use have fallen by ten percent across the entire city. The standard land values in the business locations in the city centers of Bonn and Bad Godesberg also fell by 15 percent.
Zonal standard land values: Average prices per square meter in the urban area
On the basis of the purchase price collection and the overall purchase price development on the Bonn land market described above, the expert committee has decided on zonal standard land values for the entire Bonn city area as of January 1, 2024 in accordance with the provisions of the German Building Code (BauGB) and the Ordinance on the Official Determination of Land Values in North Rhine-Westphalia (GrundWertVO NRW).
The zonal standard land value is the average location value of the land within an area that has largely similar characteristics in terms of its state of development and the type and extent of use. The zonal standard land value refers to the square meter area of a property with the defined property condition (standard land value property).
For example, the standard land value for single-family house plots in Bonn's Südstadt district was set at EUR 1,360 per square meter for 400 square meters, in Duisdorfer Oberdorf at EUR 880 per square meter for 500 square meters, in Beuel-Süd, "Elsa-Brändström-Straße" at EUR 950 per square meter for 500 square meters and in Bad Godesberg "Am Stadtwald" at EUR 890 per square meter for 800 square meters.
The highest standard land value for individual residential construction, i.e. detached and semi-detached houses, is still in Nachtigallenstraße in the Bad Godesberg district at EUR 1,500 per square meter, based on a standard plot of 700 square meters.
Property market report 2024 shows price trends for real estate
The expert committee also approved the 2024 property market report (reporting date: January 1, 2024), which documents and analyzes the development of the Bonn property market in 2023.
At around 1.1 billion euros, the total turnover on the Bonn real estate market was around 15 percent lower than in the previous year (around 1.3 billion euros). The number of notarized purchases also fell by around twelve percent compared to the previous year. The sharpest decline was seen in undeveloped properties with a drop of around 20 percent.
The average purchase prices paid for detached and semi-detached houses in average to good residential locations in 2023 varied in comparison to 2022 depending on the type of building and year of construction. The market for new-build properties for detached and semi-detached houses was also virtually non-existent in 2023.
The expert committee also adopted the current standard property values for condominiums. Property benchmarks are standardized purchase prices per square meter of living space for an average age in relation to a specific residential area.
The price trend for condominiums is falling for the first time after many years of increases: average prices for condominiums have fallen by around nine percent compared to the previous year. The highest average purchase prices for condominiums continue to be achieved in Bonn's Musikerviertel district and in Bonn's Südstadt district.
As in the previous year, the highest individual purchase price for a condominium in 2023 was around EUR 11,800 per square meter in the Bonn district. Overall, prices for new-build apartments in Bonn fell by around two percent.
Property market report and standard land value map on the Internet
The standard land values and the property market report can be accessed in the information system of the expert committees in NRW at www.boris.nrw.de (opens in a new tab). The land market report can also be downloaded there free of charge as a pdf document.
The zonal standard land values for the area of the City of Bonn are shown in the standard land value map, which can be viewed in the customer center of the Office for Land Management and Geoinformation in the City Hall, Berliner Platz 2, Floor 6 B. The center is open Monday to Friday from 8 am to 1 pm and on Thursdays until 6 pm. Citizens are requested to make appointments in advance for their visits by calling 0228 - 77 2200.
Printed versions of the standard land value map and the property market report are available for a fee. They can be ordered informally by e-mail to gutachterausschussbonnde.