61
Real estate prices in Germany also fell in the second quarter. As the Association of German Pfandbrief Banks (VDP) announced on Thursday, the property price index fell by 6.4 percent compared to the same quarter last year. In the first quarter, the association, to which the most important real estate banks belong, reported a price decline of 3.3 percent within twelve months.
Nevertheless, the VDP recognizes a flattening downward momentum because the price decline has slowed down in a quarterly comparison. In the second quarter there was a minus of 1.1 percent after 2.3 percent in the first three months. In the opinion of VDP CEO Jens Tolckmitt, the decreasing downward momentum makes a bottoming out appear possible in the next few quarters.