Lawyers say former Harrods boss Al Fayed was a 'monster' who abused young women and girls
Germany must oppose UniCredit takeover of Commerzbank, bank employees and union warn
FedEx shares tumble amid weak demand for pricey priority deliveries
Residents in Kyiv told to stay indoors as air pollution blankets the Ukrainian capital
Israel and Hezbollah trade fire after heaviest airstrikes yet
Russia dismisses Zelenskiy's 'victory plan' as gambit to keep West onside
Nike's new CEO may look to fix retailer ties in sales revival push
Brussels Airlines to cancel most Oct. 1 flights due to strike
Young Russians take odysseys across Europe to see Taylor Swift perform
FRANKFURT (Reuters) - German residential property prices continued to fall in the second quarter, dropping by an average of 2.6% year-on-year, but they showed some signs of stabilisation, federal statistics office data showed on Friday.
The annual declines have slowed over recent quarters, and prices rose 1.3% in the second quarter from the first three months of the year, the first quarter-on-quarter increase since 2022.
For years, the property sector in Germany and elsewhere in Europe boomed as interest rates were low and demand strong.
But a sharp rise in rates and costs put an end to the run, tipping developers into insolvency as bank financing dries up and deals freeze.
(Reporting by Rene Wagner and Tom Sims, Editing by Miranda Murray)
