Nordrhein-Westfalen: Prices for residential properties remain stable
Only in some of the large cities have the prices of one-family and row houses risen lightly. Increases in residential rents came primarily to high-density areas, as well as to ordinary residences. IVD Spokesperson Bernhard Hoffmann cites the introduction of Arbeitslosengeld II (a law introduced in 2005 that affects the distribution of funds to the unemployed) as the cause of the increase: Depending on household size, many Hartz IV beneficiaries were affected by Arbeitslosengeld II and had to move to smaller residences in the past months, so that demand for smaller residences at less desirable sites rose.
Home prices increase mainly in large urban regions
In the large urban regions of the Rhein and the Ruhr, prices for freestanding, second-hand homes have increased in Bochum, Duisburg, Neuss, Wesseling, Witten, and Oberhausen: Depending on layout and location, between 2 and 12%. The prices in Siegen and Wuppertal have also increased (2 to 13%). At 21%, the price increase was highest in Viersen. For a home at an ordinary location, the current price there is around €200,000 (2006: €165,000). Price decreases were mostly in rural regions: In Detmold, Lüdenscheid, Rheine, Altena, and Lindlar, for example, the prices of homes sank between 6 and 11%, depending on city and site or location.