Commercial property prices in Germany drop by 9.6% in Q1 2024, ET RealEstate
FRANKFURT: German commercial property prices fell 9.6% in the first three months of 2024 compared with a year earlier, the VDP banking association said on Wednesday, as the nation’s struggling property industry suffers its worst crisis in decades.
The continuing decline in values of commercial real estate follows a 10.2% drop for all of 2023. The latest data are less than the 12.1% drop for the fourth quarter, which was the biggest ever.
VDP said that the figures nevertheless confirm its forecast that prices are set to fall further.
“Prices for commercial property show no sign of bottoming out,” said VDP’s chief executive Jens Tolckmitt.
