German home prices decline in Q2 but show some stabilisation
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FRANKFURT, Sept 20 (Reuters) -German residential property prices continued to fall in the second quarter, dropping by an average of 2.6% year-on-year, but they showed some signs of stabilisation, federal statistics office data showed on Friday.
The annual declines have slowed over recent quarters, and prices rose 1.3% in the second quarter from the first three months of the year, the first quarter-on-quarter increase since 2022.
For years, the property sector in Germany and elsewhere in Europe boomed as interest rates were low and demand strong.
But a sharp rise in rates and costs put an end to the run, tipping developers into insolvency as bank financing dries up and deals freeze.
Home prices fall https://reut.rs/4djsoWu
Reporting by Rene Wagner and Tom Sims, Editing by Miranda Murray
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