Can a German city take London’s place? Frankfurt’s new ‘Mayfair’

German sellers are holding off to see if the market will heat up

Dec.December 17, 2017 05:54 PM


Germany’s financial capital has been looking to eclipse London since Brexit and now Frankfurt’s residential market is making a similar bid to unseat the UK center.

The German city’s Westend neighborhood is hoping to become the next Mayfair, a wealthy area in London, according to Mansion Global.

Homeowners in Westend are putting off selling to wait and see whether the market heats up as expectations that an increase in buyers from Brexit are coming. But they haven’t arrived quite yet.

“My company’s commercial team is seeing increase in requests for office space but not much increased activity in residential sales because of Brexit,” said Engels & Volker’s Amin Aschdjai-Benissi to Mansion Global.

That said, however, home prices have risen by 10 percent in the past year with the average property selling at about $8,250 per square meter, though high-end homes can go for up to almost $18,000 per square meter.

“It’s not going to be an instant thing,” Aschdjai-Benissi said. “My guess is that high-ranking employees will rent first and if things work they might buy a base here in future.”

[Mansion Global] — Erin Hudson

Related Articles

Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

There will be 70 agents based at the new office (Credit: iStock)

Compass opens Long Island City office as new-development sales surge

The Daily Digest - Tuesday

New life for Toys “R” Us, Masa Son is “embarrassed” with the Vision Fund: Daily digest

Nooklyn CEO Harley Courts (Credit: iStock)

Brokerage slashes agent commissions, delays payments after rent law change

The Daily Digest - Tuesday

NYC apartment prices hit 4-year low, Pacific Park developers reveal new plans: Daily digest

LeBron wanted it and California’s governor signed it. What the college athlete compensation law means to real estate

Racial inequality in homeownership across US is sharpest in New York: report

Governor Andrew Cuomo and Senator James Skoufis (Credit: Getty Images, NY Senate)

Owners of some residential properties can’t hide behind
LLCs anymore