Real estate prices continue to fall in the third quarter – average rate doubles to 1500 euros

Development area in Berlin

Rising interest rates are making the monthly expense for mortgage lending significantly more expensive. Nevertheless, there is still too little construction in relation to demand in Germany.

(Photo: IMAGO/Schöning)

Dusseldorf Roland Slabke is not at a loss for any superlative: “This is a historic crash, I have not seen anything like it on the market in almost 30 years,” said the head of the financial services provider Hypoport, one of the largest players in the residential real estate market, when presenting the quarterly figures at the beginning of the Week. In the third quarter, the brokerage volume of the financing subsidiary Dr. Small decreased by 23 percent compared to last year.

How big the upheaval on the real estate market is can now be seen from more and more figures for the third quarter. The Europace house price index, for example, which reflects real sales and not just asking prices, showed falling house prices in all segments in October.

Stefan Münter, Co-CEO of Europace, one of the largest mortgage lending platforms in Germany, says about the figures on Tuesday: “We see a volatile real estate market with falling prices in October, especially for existing one- and two-family houses and condominiums.”

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