The new GREIX database was presented in Berlin on Monday.
Source: Marco Rauch/dpa
Real estate prices in Berlin have fallen by six percent since mid-2022. This emerges from the new GREIX database for 18 German cities. Nationwide, prices have fallen by 20 percent in some cases. Now private individuals should also have access to the data.
DAccording to a research project led by the Universities of Bonn, real estate prices in large German cities have been Inflation-adjusted by up to 20 percent in mid-2022. This was determined by the newly created GREIX database, which was presented in Berlin on Monday. In the first quarter of 2023 alone, the purchase prices for houses, apartments or land in Berlin fell by six percent compared to the peak in 2022, in Frankfurt the minus was twelve and in Hamburg nine percent.
The GREIX database – short for German Real Estate Index – is also intended to give private individuals a free insight into price developments in 18 cities. “The regional real estate price database makes an important contribution to the transparency of real estate prices in Germany’s largest cities,” explained Bauminister’s Klara Geywitz (SPD). This can help to determine the value of your own property or to compare prices when buying.
Information from the so-called expert committees from the past 60 years was fed into the database. According to the developers at the University of Bonn, long-term trends can be identified from this. Real estate prices continued to rise before German reunification, then plummeted until a new real estate boom began in 2010. Prices have collapsed since mid-2022 due to inflation and rising interest rates.
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