German residential property prices up for fourth straight quarter
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Cars are parked next to residential houses with the TV tower in the background in the district of Prenzlauer Berg in Berlin, Germany, November 9, 2023. REUTERS/Lisi Niesner
BERLIN, Dec 23 (Reuters) - Residential real estate prices in Germany rose for the fourth consecutive quarter between July and September and were up 3.3% from the same period last year, data from the Federal Statistics Office showed on Tuesday.
The data points to a continued recovery in the residential property market in Europe's biggest economy after a deep slump between early 2022 and 2024 when prices dropped by 13%.
With average prices in all regions higher than in the same period last year, single-family and two-family homes saw the sharpest rises in urban areas and big cities, where they were up 3.6% and 3.5%, respectively, in the third quarter.
In rural areas, the increase was 3.2% from the same quarter last year.
Overall, residential real estate prices rose 1.0% in the third quarter from the second.
A Reuters survey of real estate analysts last month indicated German residential property prices would rise by 3.5% this year, 3.4% next year and 3.2% in 2027.
(Reporting by Rene WagnerWriting by Madeline ChambersEditing by Ludwig Burger)
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