Home prices in Germany fell 6.8% in the first quarter compared with the same period last year, according to the country’s Federal Statistical Office (Destatis).
The rate of decline was the fastest since the data began tracking in 2000.
Home values fell 3.1 percent in January and March compared to the previous three months.
The most likely reasons for the decline in demand from potential home buyers are higher mortgage rates and sustained high inflation. This, in turn, causes a decline in home prices, noted in the report.
In the seven largest cities in the country (Berlin, Hamburg, Munich, Cologne, Frankfurt-am-Main, Stuttgart and Dusseldorf) in the first quarter, the cost of single or two-family homes fell by 10.4% year on year, while apartments fell in price by 6.4%.
