Buying your own four walls in Germany is becoming more and more expensive. Given the still high demand, price increases are not in sight. According to preliminary data from the Federal Statistical Office, buyers of condominiums and homes nationwide had to pay an average of 10.9% more in the second quarter than a year earlier. This is the largest increase since the start of the time series in 2000. In the first quarter of 2021, the purchase prices of single and two-family homes and apartments had increased by an average of 8.9% according to the latest calculations. statisticians.
“The combination of low interest rates, uninterrupted high demand and, especially in metropolitan areas, low supply means that prices continue to rise,” a study by Sparda banks published in May found. . At the same time, construction costs have increased due to high demands on safety and energy efficiency.
According to the Federal Statistical Office, Berlin, Hamburg, Munich, Cologne, Frankfurt, Stuttgart and Düsseldorf remain in the lead. Single-family and two-family homes cost on average 14.7% more than in the second quarter of 2020. Condominium prices increased by 12.9%. In rural areas, too, things are increasing now, albeit mostly from a lower level. Home buyers in sparsely populated rural districts had to pay an average 11.8% more for houses than in the same quarter a year earlier, while apartments rose 9.2%. Development was similar in large independent cities far from metropolitan areas.