Press release No. 498 of 22 September 2023
Prices of residential property, 3rd quarter of 2023 (provisional)
-10.2% on the same quarter of the previous year
-1.4% on the previous quarter
WIESBADEN – In the 3rd quarter of 2023, the prices of residential property (house price index) in Germany decreased by an average of 10.2% compared with the 3rd quarter of 2022. This was the largest decline in residential property prices from the same quarter of the previous year since the beginning of the time series in 2000, according to the Federal Statistical Office (Destatis). It comes after the sharpest declines previously registered had been recorded in the first quarter of 2023 (-6.8%) and the second quarter of 2023 (-9.6%). Compared with the second quarter of 2023, the purchase prices of residential property decreased by 1.4%. The house price index reached an all-time high in the 2nd quarter of 2022. Since then, residential property prices have been declining quarter on quarter (1st quarter of 2023: -2.9% on the previous quarter; 2nd quarter of 2023: -1.2% on the previous quarter).
