Germany recorded the most serious drop in prices for houses and apartments in 60 years. Condominiums fell in value by 8.9%, single-family homes by 11.3% and apartment buildings by 20.1%.
If we take into account the adjustment for inflation, the reduction in cost is even more significant: about five percentage points higher. “The speed and scale of the current decline in property prices in Germany is historically unique,” the Kiel Institute of World Economics said.