Benko bankruptcy: Elbtower future in Hamburg hangs on the silk thread!

Benko bankruptcy: Elbtower future in Hamburg hangs on the silk thread!

It is a turbulent year for the Hamburg real estate market, and at the top of the list of topics is the fate of the turquoise Elbeower. The Austrian real estate entrepreneur René Benko is faced with an indictment for financial manipulation. This also has a direct impact on the Hanseatic city and creates uncertainty in this country. ndr that Hamburg was severely affected by the Benko bankrupt

The Elbtower, which was originally planned as the third highest high -rise in Germany with a height of 245 meters, remains unsalable for the time being. While the city of Hamburg has successfully sold all other properties operated by Benko, the plans for Elbtower continue to resort to their solution in view of the bankruptcy of the Signa Holding and the associated construction. The responsible construction company has set its construction activity, which has led to a standstill on the construction site, so Tagesschau .

Next steps in Hamburg

Finance Senator Andreas Dressel (SPD) is optimistic and reports on progress in the city. "The developments are promising and we have a good hand to master the situation," said Dressel. In fact, investors have already acquired the Alsterarkaden, Flüggerhöfe and the Kaufmannshaus. These sales are a positive sign for the Hamburg real estate market, which is under pressure due to the current crisis.

In addition, the city of Hamburg has acquired the former HSH-Nordbank building for a proud 112 million euros. The “House of the Digital World”, an eight -shot office building on the Gänsemarkt, is planned there, which is to be realized by the end of 2028. According to Hamburg.de Association.

real estate market in view

The "Immobilienmarkt Report Hamburg 2025" also offers a robust basis for the value assessment of real estate and shows the price trends. So the landing land values for single-family building sites remained stable, while the prices for storey apartment building sites rose by 5 percent. The average prices for one and two-family houses were unchanged at around 808,000 euros. A decline in prices for apartment buildings, which dropped 8 percent to around 2,900 euros per square meter.

In 2024 there was a significant increase in transactions and money sales, which shows that despite the challenges of the Benko bankruptcy, there is movement in the market. The sales of new apartments rose by 73 percent, which indicates that there is still a high demand, even if the situation around the Elbeower is anything but rosy.

In the discussions about the Elbtower and the real estate market, it is currently pointed out that no tax money should be used for the transfer and the further procedure. If there is no private solution to resume building activity as part of the insolvency proceedings, the city will use the rights that it is entitled to by the originally secured right of retention. The view remains excited about the next developments in the Hamburg real estate sector.