Press Prices of residential property in the 2^nd quarter of 2023: -9.9% on the same quarter of the previous year

Press release No. 379 of 22 September 2023

Prices of residential property, 2^nd quarter of 2023 (provisional)
-9.9% on the same quarter of the previous year
-1.5% on the previous quarter

WIESBADEN – In the 2^nd quarter of 2023, the prices of residential property (house price index) in Germany decreased by an average of 9.9% compared with the 2^nd 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). The house price index reached an all-time high in the 2^nd quarter of 2022. Since then, residential property prices have been declining quarter on quarter. At -1.5% on the first quarter of 2023, the decline in the 2^nd quarter of 2023 was not as steep as in the two previous quarters, however (1^st quarter of 2023: -2.9% on the previous quarter, 4^th quarter of 2022: -5.1% on the previous quarter).

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.