Housing market data Q2/2024: Purchase prices stable and rents continue to rise

Purchase prices generally appear to have bottomed out and are falling more slowly than before or are already rising slightly. However, there are no uniform trends, as there are still major differences depending on the segment or region. In general, purchase prices for new builds tend to rise more than for existing properties, for condominiums (ETW) more than for single-family homes and in urban regions more than in federal states.

The empirica property price index for Q2/2024 shows a decline in purchase prices for detached and semi-detached houses of -0.5% compared to the previous quarter and for condominiums of -0.4% (all years of construction). In new construction, advertised purchase prices for detached and semi-detached houses rose by 0.3% and for condominiums by 0.7% compared to the previous quarter.

In contrast, the indices for rental flats continue to rise sharply, by 1.4% compared to the previous quarter, both across all years of construction and in new builds. Over the last five years, the increase nationwide across all years of construction amounts to 25.7% or an average of 4.7% per year. There are considerable regional differences. The highest growth rates can be observed in the districts of Barnim (+8.3% p.a.), Kaiserslautern (+8.8% p.a.) and Berlin (+8.9% p.a.). In Berlin, the average advertised rent rose from around EUR 10.00/m² to EUR 15.40/m². This puts Berlin in second place among the top 7 cities behind Munich (EUR 19.70/m²) and ahead of Frankfurt am Main (EUR 15.20/m²).

Overall, rents have recently risen most sharply in the major cities, but some rural districts in the vicinity of the major cities, particularly around Berlin, have also recorded above-average growth rates.

You can find further results in the current analysis of the empirica real estate price index  (in German) or in the empirica regio market studio .