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Housing Market: Germany: Difference between revisions
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== National Level == | == National Level == | ||
=== Transaction Volume === | === <big>Transaction Volume</big> === | ||
[[File:Screenshot 2024-03-26 101258.png|center|thumb|491x491px|file:///C:/Users/maga-/Downloads/bnppre-residential-investment-market-germany-2023q4_0.pdf]]'''As of February 2024''' | [[File:Screenshot 2024-03-26 101258.png|center|thumb|491x491px|file:///C:/Users/maga-/Downloads/bnppre-residential-investment-market-germany-2023q4_0.pdf]]'''As of February 2024''' | ||
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[[File:Screenshot 2024-03-26 102807.png|alt=|center|thumb|703x703px|https://www.savills.com/research_articles/255800/295306-0]] | [[File:Screenshot 2024-03-26 102807.png|alt=|center|thumb|703x703px|https://www.savills.com/research_articles/255800/295306-0]] | ||
=== Supply === | === <big>Supply</big> === | ||
By 2026, Europe will have finished building only about 1.5 million housing units (down 13% on 2023). '''For Germany, that means an expected decline of 35%. <ref>https://www.ifo.de/en/press-release/2024-02-20/european-residential-construction-pushes-sector-red</ref>'''<blockquote>“Due in particular to the sharp rise in construction and financing costs, it’s often no longer possible to build new homes in Germany. Politicians haven’t yet made a decisive improvement to the policy framework,” says ifo construction expert Ludwig Dorffmeister. “The resulting decline in the number of permits doesn’t bode well for the coming years.””</blockquote> | By 2026, Europe will have finished building only about 1.5 million housing units (down 13% on 2023). '''For Germany, that means an expected decline of 35%. <ref>https://www.ifo.de/en/press-release/2024-02-20/european-residential-construction-pushes-sector-red</ref>'''<blockquote>“Due in particular to the sharp rise in construction and financing costs, it’s often no longer possible to build new homes in Germany. Politicians haven’t yet made a decisive improvement to the policy framework,” says ifo construction expert Ludwig Dorffmeister. “The resulting decline in the number of permits doesn’t bode well for the coming years.””</blockquote> | ||
=== Demand === | === <big>Demand</big> === | ||
=== Prices === | === <big>Prices</big> === | ||
[[File:Wohnimmobilien-haeuser.png|center|thumb|648x648px|https://www.destatis.de/DE/Themen/Wirtschaft/Preise/Baupreise-Immobilienpreisindex/_inhalt.html]] | [[File:Wohnimmobilien-haeuser.png|center|thumb|648x648px|https://www.destatis.de/DE/Themen/Wirtschaft/Preise/Baupreise-Immobilienpreisindex/_inhalt.html]] | ||
[[File:Wohnimmobilien-eigentumswohnungen.png|center|thumb|632x632px|https://www.destatis.de/DE/Themen/Wirtschaft/Preise/Baupreise-Immobilienpreisindex/_inhalt.html]] | [[File:Wohnimmobilien-eigentumswohnungen.png|center|thumb|632x632px|https://www.destatis.de/DE/Themen/Wirtschaft/Preise/Baupreise-Immobilienpreisindex/_inhalt.html]] | ||
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==== 2023 ==== | ==== Q4 2023 ==== | ||
[[File:Haeuserpreisindex veraenderungsrate.png|center|thumb|480x480px|https://www.destatis.de/DE/Presse/Pressemitteilungen/2024/03/PD24_114_61262.html]] | |||
* On average in 2023, residential property prices fell by 8.4% compared to 2022. This was the largest year-on-year decline since the time series began in 2000 and the first decline since 2007. In the years from 2008 to 2022 Residential property prices have risen continuously on average over the year.<ref>https://www.destatis.de/DE/Presse/Pressemitteilungen/2024/03/PD24_114_61262.html</ref> | |||
* At -7.8%, the prices for existing properties fell more sharply than the prices for new buildings (-3.2%) compared to the same quarter of the previous year. | |||
* The prices for one- and two-family homes in the top 7 metropolises (Berlin, Hamburg, Munich, Cologne, Frankfurt am Main, Stuttgart and Düsseldorf) fell by an average of 9.1% compared to the 4th quarter of 2022, condominiums cost 5.8 % fewer | |||
==== Forecasts 2024 ==== | |||
==== Long Term Forecats ==== | |||
== Berlin == | == Berlin == | ||