Home prices in Germany will fall by more than 5% this year and stagnate in 2024, according to property analysts polled by Reuters who said rents will become even less affordable as more potential buyers shun an expensive market.
Housing in Europe's largest economy, which used to rise only incrementally in price but rapidly became more expensive in recent years as a result of cheap borrowing costs, is going through its biggestBuilding permits for apartments fell 27% during the first half of 2023, and a series of property developers have filed forWith average house prices having surged 25% during the COVID-19 pandemic, higher interest rates and higher living costs in a struggling economy have driven many to rent...
House prices were forecast to stagnate next year, an upgrade compared to the 2.0% fall predicted three months ago. "While borrowing rates are likely to be lower next year than this year, they will by no means be at comparably low levels as during the ECB's zero interest rate policy period," Brzeski said.will raise rates once more this year, taking the deposit rate to 4.00%, according to a slim majority of economists polled separately by Reuters, and no cut was predicted until the second quarter of next year.
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