Real estate prices fall again in December – industry expects further decline in 2023

Dusseldorf The fall in prices on the real estate market is becoming increasingly clear: the house price index of the real estate financing platform Europace fell further in December 20222, as the company announced on Thursday. Stefan Münter, Co-CEO and board member of Europace, said: “For 2023, we do not expect the market to relax until the summer months at the earliest.”

Above all, the prices for existing properties and condominiums have continued to fall. Condo prices fell the most in December, down 1.86 percent from the previous month. Compared to the previous year, property prices fell by 4.24 percent. For existing houses, the index fell by 1.63 percent. Compared to the previous year, the prices for existing houses fell by 3.30 percent.

The prices for new buildings, on the other hand, remain stable. Prices in the segment of new single and two-family houses fell slightly by 0.20 percent compared to the previous month. According to Europace, costs in this area have increased by 5.03 percent over the past twelve months.