Accurately estimate the cost of building land

Hello,

I hope you have one or two tips or some experience to share with me.
We have been looking for a building plot in the Rhein-Main area for a few months. Since municipalities usually do not offer anything directly, I started writing to the municipal administrations and asked for contacts to relevant projects and developers.
That’s how I got in touch with a company that is now offering building plots in a small town for €680/sq m. There are no plots on the usual real estate sites, so I have no reference values for land prices. However, the city offers mixed-use areas for €250/sq m. According to BORIS Hessen, the standard land value for the mentioned plot is €200/sq m.
I am already aware that the current shortage of building plots leads to plots being offered more expensively by private parties or companies. My question is whether three times the standard land value is simply completely exaggerated or if that’s normal. Do you have a tip where I can get information about the price of building land from a municipality?

I am grateful for any answers.
Regards,
Andrea

I have also been looking around Frankfurt for a while. The current prices there are usually about 20-30% above the [Boris values].

I think the exact location would be practical for a better assessment. However, in the Rhine-Main area, I assume that the 680€/sqm is quite market typical. Whether that is justified or still in relation to the standard land values, certainly not. From the hands of developers (and actually also private sellers), you don't get anything cheaper here, for example. I've also heard that around Darmstadt, 800-1000 €/sqm are sometimes asked for and even paid. You really have to be very lucky to get significantly below that (so 550-650 €/sqm). Even municipalities have sometimes caught on and now auction off plots to the highest bidder.

Go within yourselves and decide how much the property is worth to you. If you have half a million on the side and really want it - why not?

Unfortunately, this is completely normal :( The BoRis are sometimes also not necessarily super up-to-date, have you checked that? Sometimes the value from the beginning of the previous year is displayed, no idea why. Which small town is it about? 200€/sqm unfortunately sounds completely unrealistic for RheinMain. I can confirm the prices mentioned for Darmstadt, here around Mainz we are also slowly reaching that level. In our village near MZ, the BoRi for May 2018 was 400€, we bought for 640. One town over, the 1000 mark has been broken. It's absurd... The prices seem to be rising monthly. :(

What might work better than going through the municipalities: drive around, look for building plots, and if you like one, talk to the neighbors to see if anyone knows the owner. Unfortunately, many people keep the properties for their children or grandchildren, but friends of ours got a great plot that way. It's just effort and takes time...