According to data from the Association of German Pfandbrief Banks, in the third quarter residential properties fell in price by an average of 1.7 percent compared to the second quarter. Compared to the same period last year, there was a decrease of 6.3 percent, reported the association, which represents Deutsche Bank, Commerzbank, Landesbanken and savings banks.
The property price index is based on data on transactions from more than 700 banks. Residential property prices fell for the fifth quarter in a row. The main reason for the drop in prices is sharply increased interest rates, which make loans more expensive. In the seven largest cities, where living space is particularly scarce, residential property prices fell by 1.3 percent in the third quarter compared to the previous quarter.
Meanwhile, upward pressure continued on the rental market, which many people are turning to. New contract rents rose by 5.8 percent year-on-year in the third quarter. “The increasing housing shortage and the associated excess demand are reflected in further rising rental prices.”
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