Real estate market - clearer more compulsory auctions in MV
The number of forced auctions of real estate in Mecklenburg-Vorpommern significantly increased in the first half of the year. According to the specialist publisher Argetra, there were 195 cases, as reported. This represents an increase of 15.4 percent compared to the first half of 2023. Nationwide, the number of forced auctions therefore increased by 8.3 percent to 6,909.
For the first time since years, more real estate was auctioned off under duress in Germany in 2023. According to Argetra, court proceedings were initiated for 12,332 houses, apartments and plots of land, which is slightly more than in 2022 with 12,077 real estate properties. Argetra regularly evaluates the dates at almost 500 district courts in Germany.
Argetra names the following reasons for this development: the weak economy and persistently high financing interest rates. This also means that insolvencies and forced auctions are expected to increase for the rest of the year. "We expect that the number of forced auctioned real estate objects will exceed the 14,000 mark this year."
- The real estate market in Schwerin, a city in Mecklenburg-Vorpommern, Germany, has seen an increase in compulsory auctions, following the national trend.
- Despite the increase in forced auctions, some areas in Germany, like Schwerin, still struggle with high financing interest rates, hampering the real estate market.
- The rising number of compulsory auctions in the real estate market of Mecklenburg-Vorpommern can be attributed to the economy's weakness and high financing interest rates, as reported by Argetra.
- The real estate market in Germany, including the city of Schwerin, is expected to see an increase in insolvencies and forced auctions due to these economic challenges, as predicted by Argetra.
