According to data from the German government, the average cost of houses and apartments fell by 9.9 percent compared to the previous year, marking a record decline since data collection began in 2000.
The cost of renting accommodation in Germany continues to rise, but there are still several cities where reasonable rental prices can be found.
The German real estate sector will request billions of Euros as government support during the upcoming meeting with Chancellor Olaf Scholz, as reported by Reuters (citing sources familiar with the matter).
Rent levels have risen by more than 7 percent across Germany since the beginning of 2023.
In the 4th quarter of 2022, prices in the Berlin real estate market were recorded to fall, caused by the decision of the European Central Bank to carry out a series of interest rate hikes.
Germany’s decade-long boom in home prices, which ended last year after the European Central Bank decided to introduce a series of interest rate hikes, has sent mortgage rates doubling and sometimes even tripling.
According to Gewos, The Institute for Urban, Regional and Housing Research, the growth phase of the German property market, which lasted more than 10 years in a row, may be coming to an end.
According to a recent study by real estate agency Jones Lang LaSalle (JLL), there is currently a growing trend that has never happened in Germany in the past: rental prices are now rising faster than real estate prices.
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