Image: Wolfgang Filser
In the coming year, prices are likely to fall by 8.0 percent – more than previously expected. The main reason for this is the monetary policy of the European Central Bank. This raised the key interest rate from 0 to 4.5 percent in one and a half years, ending a decade of unusually low borrowing costs.
“The higher interest rates have pushed around half of all potential buyers away from the housing market,” says analyst Sebastian Schnejdar from BayernLB. There was also a significant increase in additional costs (heating, electricity, municipal taxes). According to the Federal Statistical Office, the number of building permits fell by 28.3 percent to 195,100 apartments from January to September.
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Source: Nachrichten
