Thu, 22 Oct 2020

BERLIN, Sept. 24 (Xinhua) -- In the second quarter (Q2) of 2020, residential property prices in Germany increased by 6.6 percent year-on-year, according to the Federal Statistical Office (Destatis) on Thursday.

In Germany's seven largest cities, single and two-family homes were 6.5 percent more expensive, while prices for condominiums increased by 6.1 compared to Q2 of the previous year.

Last week, Destatis said that building land in Germany had "never been as expensive as last year" with the average price per square meter approaching 190 euros (222 U.S. dollars), growing by almost 70 percent over the course of the last ten years.

With prices of up to 1,300 euros per square meter, building land was most expensive in Germany's capital Berlin and in Hamburg. The lowest prices (less than 60 euros per square meter) were registered in the federal states of Thuringia, Saxony-Anhalt and Mecklenburg-Western Pomerania.

To tackle the social problem of rising rents in Berlin, the city's local government was the first federal state in Germany to freeze rents for five years.

Local authorities stressed that offenses by landlords against the new rent cap could be punished with a fine of up to 500,000 euros. Buildings erected after 2014 are not affected by the rent cap. (1 euro = 1.17 U.S. dollars)

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