Further sharp fall in house prices in the third quarter
Since then, prices have been falling compared to the previous quarter. From the second to the third quarter, house prices fell by 1.4 percent.
The trend was evident in both rural and urban regions, the statisticians reported. Prices for detached and semi-detached houses fell more sharply than prices for owner-occupied apartments. In sparsely populated rural districts, for example, prices for detached and semi-detached houses fell by 12.4 percent compared to the same quarter of the previous year, while prices for condominiums fell by 5.6 percent.
According to the statistics, prices for detached and semi-detached houses in the seven largest German cities fell by 12.7 percent compared to the same quarter of the previous year, while the decline for condominiums was 9.1 percent. The cities are Berlin, Hamburg, Munich, Cologne, Frankfurt am Main, Stuttgart and Düsseldorf.
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The city of Wiesbaden, known for its high apartment prices, also experienced a decline, with a 1.4% drop in apartment prices from the second to the third quarter. According to Destatis, the German Federal Statistical Office, this trend is seen across Germany, with more sharp falls in residential property prices. In the Third Quarter, apartment prices in Germany as a whole sunk by a strong 1.4%. This indicates a potential shift in the housing market, with more apartment price decreases likely in the future. Inquiry into the specifics of these trends might reveal more about the causes and potential implications for homeowners and investors in the residential property market. Germany's major cities, such as Berlin, Hamburg, and Munich, all showed a decline in apartment prices, with Wiesbaden possibly following a similar trajectory.
Source: www.stern.de
