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

Waiting and buying when the apartments are finished carries the great risk that the (good) apartments are already gone by then. The number of sold units can be seen on the website and in the price list that I received. I know that Bonova (and many other developers) are generally in a difficult phase. That’s why I’m asking here in the forum, to be able to assess how difficult the situation is (that is, whether it suggests a small catastrophe that so few apartments have been sold so far, or whether that is relatively normal).

I know that Bonova (and many other developers) are generally in a difficult phase. That’s why I’m asking here in the forum, to be able to assess how serious the situation is (i.e., whether it suggests a small catastrophe that so few apartments have been sold so far, or if that is relatively normal).

Two years ago: catastrophe if things are going like this in Düsseldorf (then the developer did something completely wrong despite a seller’s market) Today: catastrophe if things are going like this in Düsseldorf (then the developer started a project at a time when everything was still going great and was caught off guard. Now, like two years ago, they have produced a slow mover) ==> but today it’s normal. Some survive because they have enough reserves and the buyers get a decent product. Others you lose during the construction phase and as a buyer you have stress with the insolvency administrator. Maybe it will never be finished. The press is full of insolvencies and halted construction projects. I know it doesn’t help you that the situation is a nowadays normal catastrophe. Personally, I don’t find the apartments in Benrath very appealing. The location is more than mediocre... And for that price?

Clearly, hands off and wait. Such a big thing can also go wrong right now.

If the dream apartment is included, wait and/or negotiate.

Different developer, different type of property (semi-detached house and terraced houses), a slightly different area (one of the smaller towns in the eastern Ruhr area), but our construction site looks very similar. It was advertised since I believe spring (?) 2022, then there were delays due to clarifications with the city, which is why the notary contracts were only signed from the end of 2022 onwards (anyone who looks at the interest rate developments in 2022 knows that this meant about a doubling of the installment for interested parties, even though the price didn’t change). In 2023, you could often see that something was reserved and then became available again, and our developer also said that there were definitely interested parties, but many dropped out after the bank meeting. In other projects, apparently a bit more is going on, but with us, there’s really very little in that direction.

It’s also not the most attractive location (quite well connected, but not the nicest spot itself), but I suspect the expensive units are no longer affordable for many due to the increased interest costs, and the cheaper ones are mostly already gone (only a mid-terraced house under 500k is still available – and I suspect many people also have a bit of a pain threshold there currently). I think if the interest rates had been different, we would have also considered one of the more expensive units, but as it was, it was already tight enough.

Our developer also had the advantage that what was on the market so far was divided into four construction phases and the sold units were limited to exactly two of them. They then reshuffled so they started with the construction phases, even though this was different in the original planning.

Our house is now quite far along (I’m not worried that it won’t be completed) but I also hope a bit that interested parties will be found again soon for the rest, so there’s more incentive to tackle the rest and we don’t have a construction site in front of the door forever...

Long story short: It’s the same with us too, whether it’s the rule I can’t say.

It's not exactly the most attractive location (quite well connected, but not the nicest area itself),

This is actually a typical feature of all developer area developments, except when they are called "Graf von Allerfeinst Quartier" (and even the latter move multi-millionaires to tears of sympathy).

Waiting and buying when the apartments are finished carries the big risk that the (good) apartments are already gone by then.

They are regularly gone even before the developer has actually bought the building land.

If the dream apartment is among them, wait and/or negotiate.

There is nothing to negotiate. At least not for individual buyers.

whether there is a risk for me as a buyer if the developer does not sell all the apartments?

They do get sold, if necessary en bloc.

The developer is building 2 multi-family houses with together approx. 90 apartments. Sales start was summer 2022. Currently, i.e. 1.5 years after sales start, the shell is completed

90 residential units in T.W.O. multi-family houses can unfortunately hardly be divided into at least three construction phases, which is quite risky. The fact that the residential units then also divide into at most two homeowners’ associations would bother me the most if I were you. You are already outvoted before the owners’ meeting has even started.