Real estate prices fell by 8.4 percent in 2023. Existing properties have become cheaper by 7.8 percent, new buildings by just 3.2 percent.
Lower prices have also had an impact on metropolises such as Berlin, Hamburg, Munich, Cologne, Frankfurt, Stuttgart and Düsseldorf. One reason may be the increased interest rates, which have made loans significantly more expensive. If interest rates fall faster than expected, real estate prices could rise again.