Holger Zschaepitz(@Schuldensuehner):Good Morning from Germany, where house prices are rising slightly again – but only in nominal terms. After adjusting for inflation, there is still little sign of a broad-based recovery. The picture is highly uneven. New-build prices are rising, partly b/c construction costs remain elevated. In April, the Europace New Build Index increased by 1% MoM, reaching a new ATH. Existing homes, by contrast, edged lower, acc to the Europace Existing Homes Index, w/performance varying significantly by region. Year on year, price growth for both new builds and existing homes remains well below Germany’s inflation rate of 2.9%. In real terms, the housing market is therefore still largely moving sideways.

2026.05.12 07:59

Good Morning from Germany, where house prices are rising slightly again – but only in nominal terms. After adjusting for inflation, there is still little sign of a broad-based recovery. The picture is highly uneven. New-build prices are rising, partly b/c construction costs remain elevated. In April, the Europace New Build Index increased by 1% MoM, reaching a new ATH. Existing homes, by contrast, edged lower, acc to the Europace Existing Homes Index, w/performance varying significantly by region. Year on year, price growth for both new builds and existing homes remains well below Germany’s inflation rate of 2.9%. In real terms, the housing market is therefore still largely moving sideways.