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Federal Statistical Office: Price increase: Residential real estate more than 10 percent more expensive

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Residential real estate in Germany is becoming more and more expensive. Prices rose significantly, especially in top cities and in sparsely populated rural areas. In some places, however, at least a slowdown in price increases can be observed.

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Houses and apartments in Germany have become more expensive by more than ten percent for the fifth quarter in a row.

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However, the price increase slowed down somewhat, according to preliminary data from the Federal Statistical Office. In the period from April to June 2022, prices for residential real estate rose by an average of 10.2 percent compared to the same period last year, as the authority announced on Friday. According to the latest data, growth in the first quarter of the current year was still 11.6 percent.

Compared to the previous quarter, apartments and detached and semi-detached houses rose in price by an average of 2.5 percent in the second quarter.

The authority recorded the largest price increase within a year in sparsely populated rural districts: There, single and two-family houses were 13.6 percent more expensive than in the second quarter of 2021, and condominiums cost 11.7 percent more.

In the top cities of Berlin, Hamburg, Munich, Cologne, Frankfurt, Stuttgart and Düsseldorf, prices for single and two-family houses rose by 12.2 percent and for condominiums by 10.6 percent.

Slight relaxation in urban circles

There was a slight relaxation in urban circles. The inflation rate for houses there was 7.8 percent for the first time since the first quarter of 2021 in the single digits. Real estate buyers had to pay 7.3 percent more for apartments than in the same quarter of the previous year.

In view of rising building interest rates, expensive building materials and delivery bottlenecks, experts expect the real estate boom in Germany, which has been going on for more than ten years, to slow down. Especially because of rising interest rates, more and more people could no longer afford to buy an apartment or house.

Source: Stern

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