Soaring housing costs persist
In the first quarter of 2021, residential property prices in Germany saw a change rate of 8.9%, according to revised figures, down from the previously reported 9.4%. This increase was evident across the country, with strong price hikes in both rural and urban areas.
Prices for houses in thinly populated rural districts surged by 11.8% for houses and 9.2% for apartments. Urban areas, particularly Berlin, Hamburg, Munich, Cologne, Frankfurt, Stuttgart, and Düsseldorf, witnessed a significant increase of 14.7% for single- and two-family houses. However, the change rate for single- and two-family houses in other major cities and in rural districts during the same period remains unreported.
Average prices for both apartments and single- and two-family houses increased by 3.7% compared to the previous quarter. The change rate for apartments in the first quarter of 2021, as well as in other major cities and rural districts, remains unreported.
The provisional value for the change rate of residential property prices in the first quarter of 2021 was initially reported as 9.4%. However, this figure was later revised downwards by 0.5 percentage points.
In the second quarter of 2021, residential property prices continued to rise, with an average increase of 10.9% compared to the same period in 2020. The seven German metropolitan cities where prices for single- and multi-family houses increased the most were Berlin, Düsseldorf, Frankfurt am Main, Hamburg, Cologne, Munich, and Stuttgart, with a 14.7% increase. Condominium prices in these same metropolises followed suit, rising by 12.9%.
In other major cities, prices for single- and two-family houses increased by 11.9%, while condominiums cost 10.5% more than in the second quarter of 2020. The change rate for condominiums in urban areas such as Berlin, Hamburg, Munich, Cologne, Frankfurt, Stuttgart, and Düsseldorf in the first quarter of 2021 remains unreported.
As the housing market in Germany continues to show signs of growth, homebuyers and investors alike will be closely watching the upcoming reports for further insights into the market's direction.
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