Housing in Nuremberg: A dream for normal citizens unreachable!

In Nuremberg, the dream of home is increasingly unreachable for many normal citizens. The real estate market shows alarming developments: in the past two to three decades, real estate prices have increased significantly. According to current information, the average price for a condominium with 80 m² in Nuremberg is 344.197 euros, which corresponds to a square meter price of around 4,300 euros. This means that the Nuremberg market is well above the German average of 263,000 euros (approx. 3,300 euros/m²), such as Nordbayern.de reported.

In order to be able to afford a condominium in Nuremberg, potential buyers must have a monthly net income of at least 4,589 euros. This is in a strong contrast to the German average of EUR 3,501 net. In the case of a calculation of 20 percent equity, an interest rate of 3.5 percent and an initial style of 2.5 percent, there is a necessary monthly rate of 1,377 euros for an apartment. On average, the monthly rate is around 1,050 euros. The necessary annual gross income in Nuremberg to acquire such an apartment amounts to 97,625 euros, which corresponds to 8,135 euros per month. The average annual gross salary in Nuremberg 2023 is 50,179 euros, which is significantly behind the requirements.

rising real estate prices and market developments

In addition, the development of construction interest shows an ambivalent location on the real estate market. These commute between 3 and 3.5 percent, while real estate prices in Nuremberg slowly rise again in 2024. Previous price fluctuations, which occurred until the middle of 2022 and were due to the Corona pandemic and the Ukraine War, led to the demand for temporarily declining. The ECB had increased the key interest rates since mid-2022, but no further increases have been made since September 2023, which has resulted in several reductions since June 2024, so Immonuernenberg.de .

A look at the square meter prices shows: During the price in the third quarter of 2022, it was still € 4,352/m², it fell to € 3,898/m² in the third quarter of 2023. For the second quarter of 2024, another decline was determined to € 3,766/m², but in the third quarter of 2024 there was a slight increase to € 3,780/m². The rental prices, on the other hand, continue to increase, from € 10.45/m² in the first quarter of 2023 to € 11.09/m² in the third quarter of 2024.

The top city parts for housing purchases in Nuremberg are St. Sebald, St. Lorenz, St. Johannis, Mögeldorf and Wöhrd, whereby the prices vary depending on the location. Forecasts indicate that the market could stabilize, but moderate price increases are expected in the future.