In contrast to the general price trend for residential properties, renovated condominiums have become significantly more expensive in Saxony's major cities. In Dresden, buyers paid an average of €6,391 per square meter of living space in 2024, according to the latest property market report. This was €731 more than in the previous year.
In Leipzig, one square meter cost 6,315 euros (up 330 euros). Refurbished apartments were therefore more expensive than new-build apartments (Dresden: 5,550 euros per square meter, Leipzig: 6,000 euros per square meter).
All in all, however, property prices tended to fall last year, according to the report: Residential and commercial properties in the independent cities were on average around 100 euros per square meter cheaper than in the previous year. As in the previous year, building land for individual residential construction cost an average of 300 euros per square meter in Dresden and Leipzig, and 100 euros per square meter in Chemnitz and the rural districts.
Real estate market revives after slump
The report confirms that the real estate market has returned to positive growth for the first time since 2022. After a phase of declining transaction and turnover figures, the real estate market in Saxony showed a clear upturn in 2024, particularly in Leipzig and Dresden, summarized Matthias Kredt, Chairman of the Higher Expert Committee.
Around 38,000 purchase contracts were signed in Saxony in 2024. Although this was an increase of 8 percent compared to 2023, the 2021 level of around 55,000 sales has by no means been reached.
More than a quarter of the transactions took place in Dresden and Leipzig: Around 4,700 properties changed hands in the state capital - almost half more than in 2023, including around 3,300 apartments. In Leipzig, there was an increase of a third to around 5,100 purchase agreements, including almost 3,800 apartments.
North Saxony district with strongest increase in sales
Sales rose at a similar rate in both cities compared to the previous year and, at around €2.1 billion in Dresden and €2.4 billion in Leipzig, accounted for more than half of the total amount in the Free State (€8.1 billion). The largest increase in turnover of 66 percent was in the district of Nordsachen (440 million euros). The strongest decline was recorded in the district of Central Saxony (282 million).
The property market report is compiled annually by the Higher Expert Committee at the State Office for Basic Geographic Information. The 10th edition was published this year. The publication provides information on developments on the Saxon real estate market and contains, among other things, information on price trends on the land market, sales trends and average prices for detached and semi-detached house plots and condominiums. The report thus serves as an orientation aid for the real estate industry and administration as well as for private buyers and sellers.
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