Property prices continue to rise despite corona crisis
Apartments and houses in germany have continued to rise in price despite the corona crisis. In the second quarter, prices for residential real estate rose by an average of 1.4 percent compared to the first quarter of the year, the federal statistical office announced on wednesday.
Compared to the same period last year, there was a plus of 5.6 percent. This means that the increases are in the range of the previous quarters, the wiesbaden statisticians explained. However, this is a quick estimate, which is subject to a certain degree of uncertainty.
According to the analysis, the immense economic consequences of the pandemic have so far had little effect on the real estate boom. In the first quarter, statisticians in wiesbaden had recorded an increase in real estate prices of 6.8 percent over the year and of 0.3 percent by the final quarter of 2019. There were powerful upsurges, especially in large cities, but also in the countryside.
The corona pandemic has been affecting germany since the spring and had a full impact on the economy in the summer quarter. Some economists had therefore expected a powerful steam in the housing market and falling real estate prices. The number of housing advertisements had plummeted by as much as 40 percent during the lockdown.
Short-time work, falling incomes and rising unemployment in the corona crisis are putting a strain on the financial situation of many people, limiting the scope for property purchases. On the other hand, many investors are looking for security in real estate in the face of wildly fluctuating stock prices, and low interest rates are making loans even more favorable.
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