Hamburg allocates more money for land purchases again - Hamburg's Land Grab: City Boosts Urban Ownership to 49.4%
Hamburg, Germany's second-largest city, has significantly increased its land ownership, now retaining 49.4% of its urban area. This expansion, worth €298.4 million in 2021, is a 13.1% rise from the previous year. The city uses heritable building rights to grant building plots while retaining permanent land ownership.
The Immobilienmanagement und Grundvermögen agency, responsible for Hamburg's real estate and land management, reported an annual surplus of €18.3 million despite higher investments and land purchases. Its primary revenue, €107.3 million, came from rental and lease income, marking a 6.7% increase from the prior year.
In Stellingen, the city plans to build 237 residential units on a plot granted under heritable building rights, with construction set to begin no later than mid-2027. The city acquired 67.5 hectares of land and sold 18.6 hectares in the same period. Meanwhile, the LIG is developing a Regional League football stadium and a concert hall at Diebsteich, expected to be completed by late 2029 and early 2030 respectively.
Hamburg's land acquisition strategy, worth €298.4 million in 2021, has led to increased urban area ownership and development projects. Despite higher investments, the Immobilienmanagement und Grundvermögen agency reported a surplus. Finance Senator Andreas Dressel advocates for maintaining the current ground rent of 1.3% per year for residential heritable building rights.
