The sharpest decline in real estate prices since 2000: Falling apartment and house prices in Germany

Prices for residential real estate in Germany fell 9.9 percent in the second quarter compared with the same quarter last year, Germany's Federal Statistical Office Destatis said. According to the website of the organization with its head office in Wiesbaden, it was the sharpest annual decline in house prices in Germany since 2000.

The decline in real estate prices was noted in both urban and rural areas, with prices falling the least in sparsely populated areas. In seven major German metropolitan areas - Berlin, Hamburg, Munich, Cologne, Frankfurt, Stuttgart and Düsseldorf - real estate prices, namely apartments, fell at a 9.8% annualized rate in the second quarter, while family home prices fell 12.6%.

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