MIL OSI Translation. Region: Germany / Deutschland –
Source: Destatis Federal Statistical Office
Residential real estate continues to become more expensive despite the Corona crisis
Press release No. 534 from December 28, 2020
Residential property prices, 3rd quarter 2020 (preliminary) + 7.8% on the same quarter of the previous year + 2.9% on the previous quarter
WIESBADEN – The prices for residential real estate (house price index) in Germany were on average 7.8% higher in the 3rd quarter of 2020 than in the same quarter of the previous year. As reported by the Federal Statistical Office (Destatis), the prices for apartments as well as for one and two-family houses rose by 2.9% compared to the previous quarter. As a result, residential real estate continued to become significantly more expensive, both in the city and in the countryside, despite the ongoing Corona crisis.
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In the third quarter of 2020, in the seven largest metropolises (Berlin, Hamburg, Munich, Cologne, Frankfurt, Stuttgart and Düsseldorf), single and two-family houses were 8.9% and condominiums 7.3% more expensive than in the same quarter of the previous year. In the other large cities with more than 100,000 inhabitants, house prices rose by 8.3% compared to the same quarter of the previous year and the prices for condominiums by 10.2%. In rural districts, too, residential real estate rose sharply on average. The prices for houses in more densely populated rural districts rose by 9.7% and for condominiums by 7.1%. In sparsely populated rural districts, prices for single and two-family houses rose by 8.4%, while apartments rose by 8.1%.
With the current publication, the flash estimate of the third quarter of 2020 for the nationwide house price index has been revised by 0.3 percentage points based on the rate of change in the previous quarter (provisional value: + 2.6%, revised value: + 2.9%). The result for the second quarter of 2020 was revised by 0.3 percentage points (provisional value: +2.0%, revised value: +1.7%). In individual cases, for example for condominiums in urban districts, the revision differences were significantly higher. These revisions are carried out regularly in order to be able to take subsequent reports of transaction data into account.
You can find further results on the price development of residential real estate according to so-called settlement structure district types in the area Construction and property price index.
Time series of the house price index (apartments and houses in total) at federal level from the year 2000 can be found in the GENESIS-Online database (tables 61262-0001 and 61262-0002) can be called up.
Comparable results from other European countries for the third quarter of 2020 will be published on January 14th by the European statistical authority Eurostat. The price development for residential properties in previous quarters can be found in the Database of the European Statistical Office (Eurostat).
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EDITOR’S NOTE: This article is a translation. Apologies should the grammar and / or sentence structure not be perfect.