List price (new construction)

The list price for new construction is the purchase price set by the builder or project developer and published in a price list for a new residential unit-it serves as the starting point for all sales negotiations, but is not necessarily the actual purchase price agreed upon. Builders often set list prices based on the unit’s location (floor, orientation, view), standard features, and optional extras. During periods of high demand, prices rarely fall below the list price; in buyer’s markets, however, discounts or special features at no extra charge are negotiable.

Components and Structure of the List Price

The list price of a new construction typically consists of the base price for the residential unit, a basement parking space or an underground parking spot (often listed separately), as well as optional extras (hardwood flooring instead of laminate, smart home package, heat pump instead of gas). Added to this are the incidental purchase costs borne by the buyer: real estate transfer tax (3.5% in Bavaria), notary fees (approx. 1.5%), land registry fees (approx. 0.5%), and, if applicable, a real estate agent’s commission. The list price itself does not include any of these incidental costs.

Important: Parking space and basement prices are sometimes listed explicitly, sometimes hidden within the list price-ask for specifics. It’s also worth checking what the standard features include and which services are charged for separately. In many projects, flooring, tiles, and bathroom fixtures are only included in the list price as the base version; upgrades increase the purchase price accordingly.

List Price vs. Actual Purchase Price

Especially during construction phases with declining demand-such as the interest rate adjustment phase starting in 2022-the actual purchase price and the list price diverge more and more. Developers then offer price discounts, free feature upgrades, or cover the real estate transfer tax. These discounts often do not appear publicly in the property listing, but they are negotiable.

Buyers should always ask for the “best price” and obtain comparative offers. When dealing with agents commissioned by the developer, it is important to note that their commission is in the developer’s best interest. An independent real estate consultant or agent can help realistically assess a project’s list price and identify room for negotiation.

Market Dynamics and List Price Adjustments

In practice, developers rarely adjust their list prices downward quickly-this would upset buyers who purchased early at a higher price and make the project appear to be struggling to sell. Instead, discounts are granted informally or disguised as special perks. Buyers should therefore consider not only the list price but also the effective purchase price after negotiation and factoring in all included services.

During periods of rising interest rates and declining demand-such as from 2022 to 2024-developers are often forced to rethink their calculations. Projects that were launched during the low-interest-rate phase with ambitious list prices have since faced significant marketing challenges. This results in an improved negotiating position for buyers, especially for projects with many unsold units remaining.

Practical Tip for Owners and Buyers in Nuremberg and Franconia

In Nuremberg’s new-construction segment-districts such as Herpersdorf, Langwasser, or Wetzendorf, as well as surrounding municipalities like Schwabach and Erlangen-we have observed significant movement in list prices since 2022. Projects launched during the boom often have not adjusted their list prices but are informally offering significant concessions.

Negotiate actively: Ask about the minimum price, included amenities, and the availability of remaining units. Units that are harder to market-such as ground-floor apartments, north-facing units, or small floor plans-offer the most room for negotiation. We assist you in analyzing developer projects and verify whether the list price aligns with the current market.

Frequently Asked Questions

Can I negotiate the list price for a new developer project?

Yes, especially in the current market phase. Developers are often willing to negotiate, particularly for remaining units or shortly before project completion. In addition to direct price discounts, special features at no extra charge or the developer covering notary fees are common concessions. During market downturns, discounts of 5-15% off the list price are not uncommon.

What is typically not included in the list price of a new-build property?

Parking spaces and garages are often priced separately. Also not included: real estate transfer tax, notary and land registry fees, as well as any real estate agent commissions. These ancillary costs add up to approximately 5-10% of the purchase price. Upgrades to the standard specifications are also billed separately.

Are there legal requirements for list prices in new construction?

No. The list price is a free business decision made by the developer. There is no price fixing or official oversight. Buyers must therefore rely on their own market research and, if necessary, professional advice to assess whether a list price is in line with the market or inflated.

How can I tell if a list price is in line with the market?

Compare the list price with current purchase prices for completed new-construction apartments in comparable locations and with comparable features. The Nuremberg Appraisal Committee publishes current new-construction prices by neighborhood in its real estate market report. Alternatively, a free initial consultation with an independent real estate agent who knows the local market can be helpful.

What documents should I request from the developer before deciding to buy?

Anyone purchasing a new-construction property based on a list price should request the complete building specifications (bill of quantities), the construction schedule, a current building permit, the declaration of division, and proof of completion insurance or a corresponding security deposit from the developer (e.g., a guarantee in accordance with MaBV). The list price alone says nothing about the quality of construction: A low price may come at the cost of basic amenities that require numerous paid extras. Therefore, always compare the price including the optional features relevant to you-only then can the list prices of different projects be meaningfully compared. Our market data from Nuremberg and the metropolitan region will help you assess the true value of a developer project.

Back to the Real Estate Glossary.