The biggest drop in house prices in Germany since 2000

The German Federal Statistical Office (Destatis) announced data for the second quarter of 2023 on house prices.

Consequently, house prices in Germany decreased by 9.9 percent in the April-June period compared to the same period in 2022.

Thus, it registered the steepest drop since 2000, when data on house prices began to be collected.

HOUSING PRICES IN BAHÇELİ DECREASE BY 12.6 PERCENT

In the cities of Berlin, Hamburg, Munich, Cologne, Frankfurt, Stuttgart and Düsseldorf, prices for apartments decreased by 9.8 percent and those for houses with a garden by 12.6 percent.

Meanwhile, the European Central Bank (ECB) is battling rising interest rates and high inflation. This situation slows down the economy by making investments in construction and other sectors more expensive.

In Germany, there was a 27 percent decline in apartment construction permits in the first half of 2023 due to rising both construction costs and interest rates. (AA)