BERLIN, March 29 (Xinhua) — Prices of residential property in Germany in the fourth quarter (Q4) of 2020 were on average 8.1 percent higher than in the same quarter of the previous year, the Federal Statistical Office (Destatis) announced on Monday.
Despite the COVID-19 pandemic, the “trend of rising residential property prices continued” as it did in previous quarters in Germany, Destatis noted. The increase in Q4 last year was the strongest since Q4 2016.
Year-on-year prices of single-family and two-family houses rose particularly sharply, according to Destatis. House prices in Germany’s seven largest cities — Berlin, Hamburg, Munich, Cologne, Frankfurt, Stuttgart and Duesseldorf — were even up 12.1 percent in Q4 last year.
Prices of owner-occupied apartments also kept rising in both urban and rural areas, “albeit somewhat less markedly than for houses,” Destatis noted. The strongest price increase of 8.9 percent for condominiums was observed in more densely populated rural counties.
A study published by the German Economic Institute (IW) last week found that most people in Germany preferred living in single-family houses on the outskirts of a city.
“New, well-connected neighborhoods of modern single- and two-family houses in the surrounding countryside could cool down urban housing markets,” IW noted. Enditem