A 6.9-Acre Equestrian Estate in Northern Germany
$5.1 MILLION (4.2 MILLION EUROS)
This equestrian property of traditionally fired brick with a regionally distinctive reed-thatched roof was built in 2000 in the town of Fredenbeck, about 40 miles west of Hamburg, in northern Germany.
Besides the three-bedroom, four-bathroom main house, the 6.9-acre property has a one-bedroom guesthouse and stable building with living quarters adjacent to a heated 43-by-16-foot swimming pool. A second stable building large enough for five horses has access to paddocks and a professional equestrian area, said Alexander Stehle, a managing partner at Hamburg Sotheby’s International Realty, which has the listing.
Granite steppingstones lead to the front door of the main house, which opens to an airy foyer with double-height ceilings. The 4,800-square-foot house, which was renovated in 2009, has interiors with heavy wooden statement beams and Asian art and motifs designed by the New York-based Tonychi Studio. Furniture, excluding artwork, is included in the asking price, Mr. Stehle said.
Deutsche Bank’s 2020 market outlook report, which cited the country’s mass immigration and “sluggish supply of new homes.”
“The German housing market experienced a 10-year-long upswing on the back of healthy labor markets, record-low interest rates and strong inward migration from Eastern and Southern Europe and by asylum seekers,” said Tobias Just, a professor in the International Real Estate Business School at the University of Regensburg.
Homes in the Hamburg area generally followed suit before the pandemic, said Daniel Ritter, an executive partner at Von Poll Immobilien, a brokerage network headquartered in Frankfurt. “In Hamburg, prices for single- and two-family houses have climbed by around 5 to 6 percent annually since 2018, and for condominiums, even by about 10 to 12 percent annually,” Mr. Ritter said.
The pandemic briefly throttled sales activity in the spring of 2020, when uncertainty among buyers and sellers alike reduced supply and demand, brokers said. But the market rebounded in the summer and fall.
“In the second half of 2020, the demand for real estate quickly increased to pre-crisis levels,” said Janina Stuwe, a Hamburg branch manager for Von Poll Immobilien. “However, the number of real estate offerings also fell rapidly, for example by more than half in Hamburg’s Elbe suburbs. This has further increased price levels.”
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