Press release No. 114 of 22 March 2024
Prices of residential property, 4th quarter of 2023 (provisional)
-7.1% on the same quarter of the previous year
-2.0% on the previous quarter
Prices of residential property, 2023 (provisional)
-8.4% on an annual average basis in 2023 compared with 2022
WIESBADEN – In the 4th quarter of 2023, the prices of residential property (house price index) in Germany decreased by an average of -7.1% compared with the 4th quarter of 2022. The Federal Statistical Office (Destatis) reports that this therefore represents a drop in prices compared with the same quarter of the previous year for the fifth consecutive quarter. Compared with the 3rd quarter of 2023, prices were down by an average of 2.0% in Germany. Compared with the same quarter of the previous year, the prices of existing buildings registered a steeper decline (-7.8%) than the prices of new buildings (-3.2%). Quarter on quarter, the prices of existing buildings were down 2.1% and new buildings cost 1.0% less. On an annual average basis, the prices of residential property in 2023 were down 8.4% on 2022. This was the largest year-on-year decline since the beginning of the time series in 2000 and the first decline since 2007. Residential property prices rose steadily on an annual average basis in the period from 2008 to 2022.
