Index of the Federal Statistical Office: House prices rise by 10.9 percent

Enlarge image

Single-family houses in Lower Saxony

Photo: Julian Stratenschulte / dpa

The enormous price increase for residential property, which has been enormous for years, has accelerated further.

According to a preliminary evaluation by the Federal Statistical Office (click here for the press release), the so-called house price index in the second quarter was 10.9 percent above the value it had reached in the same quarter of the previous year.

This is equivalent to the strongest increase since the beginning of the survey of this indicator in 2000, as the Wiesbaden authority announced on Friday.

A look at the development of the indicator over the past decade is also explosive: During this time, the growth in real estate prices was just below the mark of two percent in a single quarter (that was in 2013).

Since 2016, the increase in the house price index has also been consistently above the five percent mark.

In the first quarter of the current year, the purchase prices for apartments and one- and two-family houses rose by an average of 8.9 percent within a year, according to the latest calculations.

Even in the country it gets much more expensive

Real estate buyers had to pay significantly more in both cities and rural regions than in the second quarter of 2020. The price of residential real estate again rose particularly sharply in the metropolises of Berlin, Hamburg, Munich, Cologne, Frankfurt, Stuttgart and Düsseldorf.

One- and two-family houses there cost an average of 14.7 percent more than in the same quarter of the previous year.

Condominium prices rose 12.9 percent.

The ancillary costs of buying a property, such as brokerage costs, are not shown in the values.

According to the Federal Statistical Office, similarly strong price increases were surprisingly evident in rather sparsely populated rural districts: there, houses were 11.8 percent more expensive than in the same quarter of the previous year, while the increase in apartments was 9.2 percent.

beb / dpa