In view of the high interest rates, many prospective real estate buyers are switching to a home savings contract. The volume of newly concluded home savings contracts is high in 2022.
(Photo: picture alliance/dpa)
Frankfurt In the wake of rising interest rates, many Germans are turning back to home savings. Since July, i.e. since the turnaround in interest rates in the euro zone, the monthly volume of newly concluded contracts has been significantly higher than in previous years.
In the third quarter of 2022, it even marked the highest level in ten years. The auditing and consulting firm PwC determined based on Bundesbank data that the building savings volume of newly concluded contracts was last this high in the fourth quarter of 2012.
Construction loans have become significantly more expensive since the European Central Bank (ECB) raised interest rates. Mortgage interest rates have quadrupled since January, but house prices have fallen only slightly so far. While interest rates have reached 2011 levels, prices are still above 2021 levels.
“Many people want to protect themselves with home savings contracts – assuming that interest rates for real estate loans may continue to rise,” PwC partner Tomas Rederer explains the development.
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