1.5 years after launch, only one-third of new build apartments have been sold

Hello everyone,

I am considering buying a condominium in Düsseldorf Benrath. The developer Bonava is building 2 apartment buildings with a total of about 90 units. Sales started in summer 2022. Currently, 1.5 years after sales started, the shell of the building is completed and the move-in date is supposed to be fall 2024 (according to the developer, construction is fully on schedule). What makes me suspicious is that of the 90 units, only about half are currently "officially" for sale/were, meaning listed on the website, and of those, only about half have been sold so far. So overall, about 1/4 to 1/3 of all units are sold, 1.5 years after the start of sales and three quarters of a year before completion. Bonava also advertises via Google Adwords and has a ton of listings on Immoscout, etc.

Does anyone know if this is normal (in today's times), and if there is a risk for me as a buyer if the developer does not sell all the units? As I said, the shell is completed currently, but windows, electricity, etc. are still missing.

Best regards
Torsten

Nobody can afford it anymore at 3,x% interest. Just wait until the apartments are finished and then buy?

So overall, about 1/4 to 1/3 of all apartments are sold, 1.5 years after the sales start and three quarters of a year before completion.

Project simply at the wrong time. Too expensive in Dus for many interested parties. I'll take a look later - we are also based in Dus.
Sales for projects that are actually too expensive are going more than sluggish everywhere. Except in the luxury segment.

Does anyone know if this is normal (in today's times), and if there is a risk for me as a buyer if the developer does not sell all the apartments?

No more risk than before, with the addition that many developers are now insolvent.
Another risk is the WEG if the developer can decide alone when he holds the majority.

What makes me suspicious is that of the 90 apartments, currently only about half are "officially" for sale/have been, i.e. listed on the website,

People prefer to buy when they have a feeling of scarcity. So you don’t put all 90 apartments on the market at once, but only 20 initially ;)

and of that only about half of the apartments have been sold so far.

How do you know how many have been sold? Those who buy and want to invest often buy several. Some may be retained and rented out? Otherwise, I would consider 90 units rather rare and offer only a few.

A small addition about Bonava. You know that they are also undergoing a restructuring and the business is going badly? Nothing is being withheld. The project just isn't working and is only costing money. They are happy about every unit that is sold.