Press Prices of residential property in the 1^st quarter of 2023: -6.8% year on year

Press release No. 245 of 23 June 2023

Prices of residential property, 1^st quarter of 2023 (provisional)
-6.8% on the same quarter of the previous year
-3.1% on the previous quarter

WIESBADEN – In the 1^st quarter of 2023, the prices of residential property (house price index) in Germany decreased by an average of 6.8% year on year. 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). Compared with the 4^th quarter of 2022, residential property prices were down 3.1% on average in the 1^st quarter of 2023. Lower demand due to higher financing costs and the persistently high inflation are probably still the main reasons for the decline in purchasing prices.

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.