Frankfurt (dpa) – Property prices continued to rise in most parts of Germany in the third quarter of 2024, although houses in some major cities were cheaper year-on-year, according to data released on Friday.
Between July and September, flats and houses were on average 0.3 percentage points more expensive than in the previous quarter, according to the national statistics office Destatis.
However, real estate prices are no longer rising quite as fast as before, compared to the 1.5% increase reported by Destatis for the second quarter.
Meanwhile property is still cheaper than a year ago. In the third quarter, prices were on average 0.7 percentage points below the comparable value from 2023.
There are major regional differences, with flats in sparsely populated rural districts costing 1.8% less than in the second quarter and even 5.7% less than a year ago.
Houses were 2.1% cheaper than in the previous year, while nothing changed quarter-on-quarter.
Meanwhile prices rose in all categories in the cities. Flats were 1% more expensive than in the second quarter of 2024 and 2.4% more expensive than a year ago. Buyers paid 0.2 percentage points more for houses than in 2023, while prices increased 1.5% compared to the second quarter.
In Germany’s seven largest cities of Berlin, Hamburg, Munich, Cologne, Frankfurt, Stuttgart and Dusseldorf, houses were surprisingly cheaper than a year ago (-5.3%). Prices also dropped by 3.1% compared to the second quarter.
Prices for flats, on the other hand, rose again by 0.5% in a quarter.
