A third of apartments in Aarhus were sold above asking price last month, and a fifth of apartments in Denmark as a whole ‒ the highest monthly figure ever recorded by property website Boligsiden.
To put that into perspective, just seven percent of apartments in Aarhus were sold above the asking price last year.
A recent report from Finance Denmark warned that the property market in Aarhus, Denmark’s second-largest city, is increasingly starting to resemble that of Copenhagenthe capital, where prices have surged in recent years.
Birgit Daetz, property economist at Boligsiden, said that the supply of apartments cannot keep up with demand.
“Apartments in Aarhus are in great demand, which is particularly linked to the fact that there is currently a very low supply,” she said.
“The number of apartments on sale simply does not match the number of buyers, and that’s why we’re seeing so many sell above asking price, because when buyers find the right apartment they want to make sure they get it.”
In March, 252 apartments were sold in Aarhus, which is a 23 percent increase compared to last year.
According to Boligsiden, Aarhus isn’t the only place where buyers are willing to pay more than asking price ‒ in fact, this is a general trend.
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Figures from the property site show that 20.3 percent of apartments sold in Denmark last month sold above asking price, which is the highest amount for a single month ever recorded by the site.
“Back in February 2021, where we also saw a surge in apartment sales, the number of apartments selling above asking price was 19.1 percent. So we’re currently seeing a few more buyers who are ready to put extra money on the table to seal the deal.”
She added that this is a “trend we see when activity rises on the property market,” while warning that the trend can turn as quickly as it started.
“We don’t need to go any further than December 2022 to see just 2.6 percent of apartments selling above asking price,” she said.
