German residential property prices fall 5.7 pct in Q1

BERLIN, June 21 (Xinhua) -- German residential property prices plunged 5.7 percent year-on-year in the first quarter (Q1) of 2024, according to preliminary figures published by the Federal Statistical Office (Destatis) on Friday.

Single and two-family houses recorded the sharpest declines, with prices in Germany's seven largest cities -- Berlin, Hamburg, Munich, Cologne, Frankfurt am Main, Stuttgart and Dusseldorf -- down 9.5 percent. In smaller cities and rural areas, similar homes still saw declines of around 7 percent.