HAMBURG THIRD STRONGEST INVESTMENT MARKET BEHIND MUNICH AND BERLIN
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In the first quarter of 2024, the Hamburg investment market continues to be confronted with the changed conditions (new interest rate regime, geopolitical uncertainties and weak economic environment). Commercial properties totalling around €376 million were traded in the first three months.
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Although this exceeded the relatively weak result from the same quarter of the previous year (€161 million) by 133%, it is still 56% below the long-term average (average 10 years: €846 million). Like the other top German cities, Hamburg's investment market is therefore still in a consolidation phase.
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In a comparison of the A-cities, the logistics sector with €81 million (highest turnover in Germany) and the office property market with €144 million (second highest turnover in Germany after Munich) in Hamburg are relatively robust.
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Hamburg's investment volume is also some way behind the very strong Munich investment market (€1.28 billion) and the Berlin investment market (€457 million).
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Year-on-year, prime yields for office properties rose by 70 basis points (to 4.25%) and by 30 basis points each for high street properties (to 3.75 %) and logistics properties (to 4.25%). Compared to the fourth quarter of 2023, however, the prime yields remained unchanged in each case.