New York — The prices for new condominiums in Frankfurt have reached such a high level that it pays off for project developers to build high-rise residential buildings and more and more such towers are being built in the German financial capital. This emerges from an assessment by consulting company Bulwiengesa. In 2017 alone, asking prices rose by 15% compared to the previous year. A total of eight residential high-rise buildings have been completed since 2014 in the city, and 20 more could be added by 2022. Five are currently under construction and another 15 are planned. These are key findings of the study. "The cost of building skyscrapers is about twice as high as in ordinary multi-storey housing," Sven Carstensen, Frankfurt branch manager at Bulwiengesa, said. "Therefore, you also need correspondingly higher revenue." Unlike other cities, Frankfurt offers little land potential. That applies especially in the city centre, he said. Skyscrapers are the answer. A significant facto...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.