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
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