House prices on Germany’s North Sea islands skyrocket
A recent report has revealed that house prices on Germany’s North Sea islands are increasing significantly. Local authorities are trying to combat the problem, with plans to prohibit the construction of new holiday homes being discussed.
House prices on North Sea islands on the rise
The latest Coastal Report, published by the Von Poll estate agency, has revealed that house prices on the North Sea islands are skyrocketing. Asking prices on the North Frisian Islands, located in Schleswig-Holstein, rose by 17,1 percent in the first quarter of 2022, to an average of 14.000 euros per square metre. So, a 30 square metre apartment would set you back 425.000 euros on average, while 100 square metres costs around 1.400.000 euros.
Prices on the East Frisian Islands, which are located in Lower Saxony, also increased significantly, rising by 5,7 percent in the first quarter of the year to an average of 8.206 euros per square metre.
Demand driving price increases in Sylt
The island of Sylt has been hit the worst by the rising house prices, having the most overheated housing market out of the northern islands. Sylt is one of Germany’s most well-known and popular tourist destinations, something which is reflected in the property values on the island, with housing costs rising by 21,7 percent over the past year.
Today, an average house costs around 18.700 euros per square metre. House hunters looking to buy in Sylt can expect to pay around 560.000 euros for a 30 square-metre flat, and an average of around 1.870.000 euros for 100 square metres.
With demand low and prices soaring, people looking to buy a house on the North Sea islands have begun to look further afield for houses. This has led to house prices increasing significantly on the nearby mainland as well. On the North Frisian mainland, prices have risen by an average of 26,2 percent, to around 2.650 euros per square metre, over the past year. The East Frisian districts of Wittmund (22,8 percent) and Aurich (22 percent), as well as the district of Dithmarschen (27,6 percent) in Schleswig-Holstein, have all seen similar increases.
Housing regulation being discussed
House prices on the North Sea islands have got so high that locals can no longer afford to live on them. Local reporters state that native islanders have been forced to move to the mainland and commute over for work. A recent survey on Sylt concluded that the island was overpopulated, and too much of the living space was being misused. New regulations prohibiting the construction of new holiday homes are now being discussed.