German residential property prices fall at record pace: Destatis

BERLIN, Dec. 22 (Xinhua) -- In the third quarter of 2023, residential real estate prices in Germany fell by an average of 10.2 percent compared to the same period last year, the steepest drop since data collection began in 2000, the Federal Statistical Office (Destatis) said on Friday.

The biggest drops were seen in the country's top seven metropolitan areas (Berlin, Hamburg, Munich, Cologne, Frankfurt am Main, Stuttgart, and Dusseldorf). There, prices for one and two-family houses fell by 12.7 percent, while prices for apartments were down 9.1 percent.