Statistics Germany reported on changes in housing prices

Residential property values ​​according to the German price index fell by an average of 3.6% in the 4th quarter of 2022 compared to the same quarter a year earlier. This is the first quarterly decline recorded since the 4th quarter of 2010, according to data from the Federal Statistical Office (Destatis). An even greater decrease in purchase prices for residential buildings, one- and two-family houses than in the 4th quarter of 2022, was last observed in the 1st quarter of 2007 (-3.8%). The decline in purchase prices was likely due to lower demand due to higher financing costs and continued high inflation.

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