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Prices for residential property will fall at a record pace in 2023

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Prices for residential property will fall at a record pace in 2023

Real estate became cheaper in both cities and rural areas from October to December. In the top 7 metropolises (Berlin, Hamburg, Munich, Cologne, Frankfurt/Main, Stuttgart and Düsseldorf), prices for single- and two-family homes fell by 9.1 percent compared to the same quarter of the previous year. 5.8 percent less had to be paid for condominiums. In sparsely populated rural districts, single- and two-family houses were 6.9 percent cheaper, and apartments were 2.8 percent cheaper. In urban districts, the decline was particularly pronounced for one- and two-family homes at 11.0 percent, while 7.1 percent less had to be paid for condominiums.

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