Home > Economic Indicators > German home prices decline in Q2 but show some stabilisation

German home prices decline in Q2 but show some stabilisation

2024/09/25 7

FRANKFURT (Reuters) – German residential property prices continued to fall in the second quarter, dropping by an average of 2.6% year-on-year, but they showed some signs of stabilisation, federal statistics office data showed on Friday.

The annual declines have slowed over recent quarters, and prices rose 1.3% in the second quarter from the first three months of the year, the first quarter-on-quarter increase since 2022.

© Reuters. FILE PHOTO: Residential buildings are seen in the district of Marzahn-Hellersdorf in Berlin, Germany, February 7, 2023. REUTERS/Lisi Niesner/File Photo

For years, the property sector in Germany and elsewhere in Europe boomed as interest rates were low and demand strong.

But a sharp rise in rates and costs put an end to the run, tipping developers into insolvency as bank financing dries up and deals freeze.

About Cryptoopia

Cryptoopia is a global financial website that provides content on stock markets, cryptocurrencies, commodity investments, foreign exchange, and economics. Our motto is “One platform, global access”, meaning that our platform is accessible to everyone around the world. No matter where you are, you can access information and investment opportunities in the global financial markets through our platform. We are committed to providing convenient and comprehensive financial services to global investors, making your investment journey smoother and more accessible.