Living - Less profit with Hamburg's largest landlord
Hamburg's largest housing company Saga earned a profit of approximately 183 million Euro after taxes in the previous year, which is 35 million Euro less than in 2022. The revenue increased slightly from approximately 1.09 billion Euro to around 1.17 billion Euro, as the municipal company announced. Germany's largest communal landlord manages around 140,000 apartments and about 1,400 commercial objects, according to its own statements.
455 Million Euro invested in new construction and maintenance
"Despite the market trend, Saga invested 455 million Euro in new construction, modernization, and maintenance and remains an unchanged growth engine in the Hamburg Metropolitan Region," said Board Spokesperson Thomas Krebs. In addition, around 115 million Euro were invested in counter-cyclical purchases of land and project developments in the past year.
In the past year, 572 apartments were completed and 1,123 new constructions were started. The previous year, 1,014 apartments were completed and 955 new constructions were started.
Goal: Start building 1,000 new apartments every year
The construction goals were met according to plan, said Board Member Snezana Michaelis. "We want to stabilize the annual new construction output of around 1,000 building starts as soon as possible and, if possible, increase it." This will not only involve using our own land but also purchasing additional land and project developments.
"The average rent in 2023 was 7.26 Euro net cold per square meter and was 35% below the current Hamburg rental index average of 9.83 Euro per square meter," Michaelis said. Housing units for people with special support needs were given to an additional 4,200 people. The vacancy rate again decreased and was 4.8%. The vacancy rate was reportedly 0.2% in the previous year.
- Hamburg, known for its robust housing market, aims to increase its annual new construction output to at least 1,000 building starts, as stated by Board Member Snezana Michaelis.
- Saga, a significant player in Hamburg's housing policy, invested 455 million Euro in new construction, modernization, and maintenance, according to Board Spokesperson Thomas Krebs.
- Located in Germany, Hamburg's Saga manages a substantial portfolio of 140,000 apartments and approximately 1,400 commercial objects, as per the company's disclosures.
