In an interview with the Handelsblatt, Sven Carstensen, board member of the analysis company Bulwiengesa, warns private property buyers about unrenovated condominiums.
In addition to the costs of the renovation, there is also the risk that the co-owners will not go along with it. “This can quickly turn into stranded assets,” says the expert. Things are different with your own house, as you can control and plan the renovation yourself. Carstensen expects “very strong” increases in rents for new apartments in the coming years. He believes that anyone who wants to buy a house or an apartment and has enough equity now has “attractive options” for new buildings or renovated existing properties. When it comes to existing properties, however, interested parties should “pay more attention to the issue of sustainability”.