Housing Price Index Q3/2024: Slight decline in rental growth

The empirica housing price index is available up to Q3/2024. In the current quarter, advertised purchase prices for new builds continued to rise. Purchase prices for existing properties remained stable. The increase in rents also remained, but weakened somewhat compared to the previous quarter.

Advertised purchase prices for newly built owner-occupied flats recently rose by 0.5% compared to the previous quarter (+2.2% year-on-year). The rate of increase for new one- and two-family houses was 0.3% (-0.3% year-on-year). Older owner-occupied flats rose by 0.1% on the previous quarter (-2.1% on the previous year). Purchase prices for existing one- and two-family houses fell by 0.2% on the previous quarter (-3.2% on the previous year). The increase for new rental flats was 0.8% (+5.4% year-on-year) and for older rental flats 0.5% (+4.3% year-on-year).

All empirica housing price index data  can be obtained as individual data sets or via database access from empirica regio. Further figures can be found in the quarterly publication on the index.

As part of a special evaluation, empirica regio and empirica analysed the extent to which price indices from supply data deviate from average new contract rents. It was found that advertised rents generally overestimate the overall market. For the ten most expensive tenant cities, the difference is between 11% and 29%. On average, advertised rents in these ten cities overestimate the overall market by around 17%. The analysis provides an introduction to the topic, but there is still a need for further research.