Property even more expensive
Going up in the fourth quarter of 2019, prices for residential property in Germany continued to rise in both urban and rural areas.
Berlin (dpa) - Prices for residential property in Germany continue to rise, going up by 5.7 per cent year-on-year in the fourth quarter of 2019, according to government statistics released on Thursday.
Reporting its house price index, the Federal Statistical Office (Destatis) said that prices continued to rise in both urban and rural areas.
The rise was particularly sharp in Germany's seven largest cities (Berlin, Hamburg, Munich, Cologne, Frankfurt, Stuttgart and Dusseldorf), where an increase of 9.5 per cent was noted for flats and 6.5 per cent for houses.
In sparsely populated areas, the prices went up by 5 per cent for houses and 0.6 per cent for flats, the figures showed.
Compared to the third quarter of 2019, the house price index went up by 2.1 per cent.
Historically low interest rates have led to a sustained boom in the German real estate market, while increasingly scarce land for construction in metropolitan areas is also driving up prices.