Copenhagen apartment prices at all-time high

The housing market in the capital continues to outpace that of the rest of the nation as prices have now exceeded their pre-crisis peaks.

Copenhagen apartment prices at all-time high
Business is booming in the Copenhagen housing market. Photo: Colourbox
Flat prices in Copenhagen rose by 5.7 percent in April according to figures from estate agency Home, bringing prices in the Danish capital to an all-time high. 
An average 85 square metre apartment in Copenhagen now costs 2.81 million kroner, topping levels seen before the onset of the economic crisis. 
The rise in price is largely due to a slew of new waterfront developments in the Copenhagen area. Prices on newly-built apartments increased by 20 percent over the past six months while prices on existing properties rose by 12 percent. 
“There is a lot of action in the apartment market. Showings, transactions and prices are all up while sell times and price reductions are down. It’s really moving quickly now,” Home spokesman Mads Ellegaard told Finans. 
As has been the case for months, prices in Copenhagen are rising at a quicker rate than elsewhere in the country. Nationwide, prices rose by 2.6 percent in April but still remain 10.6 percent lower than pre-crisis levels. 
In Denmark’s second city of Aarhus however, prices are just 0.1 percent under their January 2007 peak. 

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Copenhagen nature area to be developed as city approves land sale

A part of the Amager Fælled nature area has lost its reserve status and can now be sold to investors, after a majority in the city's municipal council voted in favour of development on Thursday.

Copenhagen nature area to be developed as city approves land sale
Amager Fælled. File photo: Asger Ladefoged/Ritzau Scanpix

The 219,000 square-kilometre area, known as Lærkesletten, can be sold to developers who wish to build homes on the land, broadcaster TV2 reported.

The sale raises money needed by the city to pay for the new Metro lines, which opened last year, and was part of a political deal agreed in 2017.

City councillors from the Social Democrats, Social Liberals, Liberals, Conservatives, Danish People's Party and two independents voted in favour, while Red-Green Alliance, Alternative and Independent Green parties and one independent opposed.

Located on the southern edge of the natural area on island Amager, the area is frequently used by people from the city for cycling, running and walking.

“We have seen that nature and the environment are at the centre of the public’s perception of what’s important. They want real wild nature in Denmark,” Gorm Anker Gunnarsen, who represents the Red-Green Alliance on the city council, told news agency Ritzau.

An Epinion survey this week showed that 76 percent of people who live in Copenhagen are either partly or completely against development of the area.

Gunnarsen told Ritzau he still believes there is a chance of preserving the nature zone.

“We have the authority to withdraw a building permit in special circumstances,” he said.

An advisory public vote could on the matter provide the basis for this, he argued.

“This case will not then just rest on which party you are with, but also on your view of the individual case,” he said.

READ ALSO: Copenhagen natural area Amager Fælled gets new development plan