German commercial property prices drop 7.4% in Q2 2024

13 Aug 2024 CW Team

Commercial property prices in Germany declined by 7.4% in the second quarter of 2024 compared to the same period last year, according to the VDP banking association. This drop marks a continuation of the sector's decline, which has persisted for two years amidst the country's worst property crisis in decades. Despite the annual decrease, commercial real estate values saw a slight 0.4% increase from the first quarter of 2024, suggesting some stabilisation in the market, according to VDP's chief executive Jens Tolckmitt. The German property market, which had thrived during years of falling interest rates and increased demand, has been severely impacted by a sharp rise in interest rates and construction costs. This abrupt shift has led to insolvencies among developers and a freeze in financing and transactions. Germany, along with China and the United States, has been among the hardest hit by the global commercial real estate downturn. (ET)

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