Press Prices of residential property in the 4^th quarter of 2022: -3.6% on the same quarter of the previous year

Press release No. 116 of 24 March 2023

Prices of residential property, 4^th quarter of 2022 (provisional)
-3.6% on the same quarter of the previous year
-5.0% on the previous quarter

Prices of residential property, full year of 2022 (provisional)
+5.3% in 2022 from 2021 (annual averages)

WIESBADEN – The prices of residential property (house price index) in Germany declined by an average 3.6% in the 4^th quarter of 2022 compared with the same quarter a year earlier. This is the first decline in residential property prices from the same quarter of the previous year which was recorded since the 4^th quarter of 2010 (-0.5% on the 4^th quarter of 2009), according to the Federal Statistical Office (Destatis). An even larger decrease in the purchasing prices of dwellings, single-family and two-family houses than in the 4^th quarter of 2022 had most recently been seen in the 1^st quarter of 2007 (-3.8% on the 1^st quarter of 2006). Compared with the 3^rd quarter of 2022, residential property prices were down an average 5.0% in the 4^th quarter of 2022. The decline in purchasing prices was probably due to lower demand as a consequence of higher financing costs and the continuing high inflation.

Basic data and long time series are available in tables of residential property prices indices (61262-0001 to 61262-0002) in the GENESIS-Online database.