Buying guide for construction land

Hello dear community,

we are looking at a plot of land this weekend and I would be very grateful for your assessments regarding the price:
Facts:
- Hamburg metropolitan area,
- dead-end street, quiet residential area but well connected
- approx. 21x26 m
- rear part of a physically divided plot (only accessible via right of way over the front plot)
- no encumbrances, no trees, easy to build on, access to the plot limited by existing building on the front plot

Standard land values:
2022 for 550 sqm: 770€
2023 for 550 sqm: 690€
2022 for 1000 sqm: 660€
2023 for 1000 sqm: 590€

My questions:
- What price would you consider fair for the plot? (since we are negotiating privately, we have no reference from other potential buyers)
- It seems that the standard land values have already decreased from 2022 to 2023, which surprises me a bit. Are the prices realistic?
- Is there anything you would pay attention to when buying such a plot? (e.g. soil report, inspection by a home construction company or similar?)

Best regards!

I can say little about the prices, I find it all beyond good and evil. I would try to do a soil survey before purchase, as there is apparently more frequent peat in the ground in the area and that requires more elaborate foundations. Roughly, the risk can already be limited by talking to neighbors, but a peat lens may only be found with a soil sample.

approximately 21x26 m

You should have occasionally read by now that pictures are very helpful with property valuation questions.

One more point

Access to the property restricted by existing building on the front property

What exactly does that mean? How long is the access road and how wide? Is it possible to get a truck crane to the back as well and is there enough space to set it up next to the house?

- What price would you consider fair for the property?

None of the prices that were called out. The seller says what he wants. The market determines the price.

Are the prices realistic?

As above. The seller says what he wants. But you can make a counteroffer that corresponds to your expectations. You can already see that the trend is downward. Instead of 10%, you can go 30% lower. Whether the realtor then gets offended and stops talking to you cannot be ruled out.

Whether the real estate agent then gets offended

It is a private sale

Access to the property restricted by existing buildings on the front property

What does that mean? 3 meters and the necessary distances must already be observed.

Viewing by house building company

They don’t do that. That is done by an architect or contractor who has or will get the contract for construction.

Soil survey

That wouldn’t be bad. Usually it fails due to the time available until the award. Others could be faster there.

similar

Near Hamburg can mean that the property still has to be checked for bombs. Ordnance clearance… a colleague as client had to go through this just recently (a year ago), although the property was already developed. Has it already been officially subdivided? I would check what the development plan still allows you in terms of area. If you want to build quite rurally, a small floor area ratio for 550 sqm can restrict you a lot. With 0.2 you are only allowed to build 110 sqm of ground with house and terrace… garage, garden shed and driveway then become a calculation exercise.