Biggest decline since 2000: real estate prices will fall by 8.4 percent in 2023. Prices were collapsing in both cities and rural areas, the statisticians explained.
The main reason is the sharp rise in interest rates, which has made loans much more expensive. Many people can no longer afford their own four walls and investments are no longer worthwhile for large investors. But demand for living space remains high, especially in cities, while new construction is in crisis due to rising interest rates and expensive materials.