November 30, 2023 9:35 am

RT Business News reports on shocking German house price collapse according to statistics.

Facebook
Twitter
LinkedIn
Pinterest
WhatsApp
Telegram

URGENT: JUST 11 DAYS REMAIN TO HELP SAVE INDEPENDENT MEDIA & ANR, TO ENSURE WE ARE FULLY FUNDED FOR NEXT MONTH,SO LET'S CUT THE BS & GET TO THE POINT - WE WILL BE FORCED LAY OFF STAFF & REDUCE OPERATIONS UNLESS WE ARE FULLY FUNDED WITHIN THE NEXT 2 WEEKS - Sadly, less than 0.5% of readers currently donate or subscribe to us But YOU can easily change that. Imagine the impact we'd make if 3 in 10 readers supported us today. To start with we’d remove this annoying banner as we could fight for a full year...

German house prices experienced their steepest decline since records began in 2000, falling by 9.9% during the April-to-June period of 2023 compared to the same period in 2022, according to data from the Federal Statistical Office (Destatis). This follows a record high in property prices in the second quarter of 2022.

The decline in house prices was particularly notable in Germany’s largest cities. Prices decreased by 1.5% compared to the previous three months, which is less than the declines seen in the two preceding quarters. In the first quarter of 2023, property prices decreased by 2.9% compared to the previous quarter, while in the final quarter of 2022, the decline totaled 5.1%.

The decline in house prices can be attributed to several factors. Firstly, the country’s construction sector has been severely affected by the European Central Bank’s monetary tightening campaign in response to rising inflation. This campaign has led to higher borrowing costs, making it more difficult for potential buyers to afford homes. Additionally, uncertainty over new energy regulations has also played a role in the decline.

Earlier this month, the Germany-based real estate multinational Vonovia warned that the construction sector, which makes up 12% of Germany’s GDP and employs a million workers, was on the brink of collapse. This has raised concerns about the overall health of the country’s economy.

In April, Destatis projected a gloomy outlook for the construction sector, noting that the number of construction permits had been steadily declining since May 2022, dropping by 10% each month from October 2022.

The decline in house prices may have significant implications for the housing market and the wider economy. Lower house prices can make it more difficult for homeowners to sell their properties and can lead to reduced consumer spending and economic activity. It can also impact consumer confidence and sentiment, which are crucial for economic growth.

The German government is closely monitoring the situation and may consider implementing measures to support the housing market and the construction sector. These measures could include policies to stimulate demand, such as tax incentives or subsidies for homebuyers, as well as initiatives to promote investment in the construction sector.

It remains to be seen how the housing market in Germany will evolve in the coming months. However, the current decline in house prices highlights the challenges faced by the construction sector and the potential impact on the country’s economy.

For more stories on the economy and finance, visit RT’s business section. [Link to RT’s business section]

Sources:
– “Germany-Destatis: House prices shrink record 9.9% YoY, with biggest cities hardest hit,” RT, [Link to the article]
– “Germany’s construction sector close to collapse, Vonovia warns,” Deutsche Welle, [Link to the article]
– “Destatis: Number of construction permits steadily declining,” Destatis, [Link to the article]

Source link

Opinion pieces don’t necessarily reflect the position of our news site but of our Opinion writers.

Original Source: RT Business News reports on shocking German house price collapse according to statistics.

Support the ANR from as little as $8 – it only takes a minute. If you can, please consider supporting us with a regular amount each month. Thank you.

Related News

Subscribe for free to our ANR news emails and access 2 free ebooks plus Reports to share with family and friends about Covid fraud and the danger of the vaccines.

Australian National Review is Australia’s first real free and independent press, one with no editorial control by the elite, but a publication that can generate critical thinkers and critical debate and hold those spreading mistruths and deliberate propaganda in mainstream media to account.

News with a difference that will be educational, compelling and create a platform for political and social change in this country and address the real issues facing this country and the world.

Watch Full Documentary

URGENT: JUST 3 DAYS REMAIN TO HELP SAVE INDEPENDENT MEDIA & ANR, SO LET'S CUT THE BS & GET TO THE POINT - WE WILL BE FORCED TO LAY OFF STAFF & REDUCE OPERATIONS UNLESS WE ARE FULLY FUNDED WITHIN THE NEXT 2 WEEKS

Sadly, less than 0.5% of readers currently donate or subscribe to us But YOU can easily change that. Imagine the impact we'd make if 3 in 10 readers supported us today. To start with we’d remove this annoying banner as we could fight for a full year...

Get access to TruthMed- how to save your family and friends that have been vaxx with vaccine detox, & how the Unvaxxed can prevent spike protein infection from the jabbed.

Free with ANR Subscription from $8

Download the Full PDF - THE COVID-19 FRAUD & WAR ON HUMANITY