Essen/Leipzig, 13. August 2019: Instone Real Estate, one of Germany's leading residential developers, has acquired an approximately 13,000 square-metre site in Leipzig in close proximity to the centre. With the investment in the economically prosperous location of Leipzig, the company is consistently pursuing its strategy for growth. A heterogeneous new construction project is planned featuring around 330 apartments on approximately 23,500 square metres of floor area.
Instone expects a sales volume of around EUR 110 million for the project. Construction is currently expected to begin in 2021.
"At this location, we are planning a lively mix of classic condominiums with two to five rooms, age-appropriate apartments as well as apartments for students and professionals," Torsten Kracht, CSO of Instone Real Estate, explains. "A listed multiple-family building on the property is also being refurbished by Instone in accordance with the requirements for listed status. Smaller commercial units, space for bicycles and an underground car park with greenery atop it complete this development project on Rosa-Luxemburg-Strasse at the corner of Hans-Poeche-Strasse," Kracht states.
Together with the latest acquisition, Instone Real Estate is currently building or planning more than 1,600 apartments in the Leipzig area, among them Leipzig's biggest residential project, the Heeresbäckerei.
Marked by a disparity between population growth and the completion of new buildings, the substantial level of demand for housing in Leipzig was only recently made clear by a highly acclaimed study by the German Economic Institute in Cologne. According to the study, around 1,900 apartments per year were completed in Leipzig between 2016 and 2018. The annual housing requirement in Leipzig (2016-2020) is around 4,200 units, however. This means that just 45 percent of the demand for new housing is covered – the lowest figure in Saxony according to the institute's survey.
Instone Real Estate
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