BERLIN, March 28 (Xinhua) -- Residential property prices in Germany in the fourth quarter (Q4) of 2021 rose at a record pace, up an average of 12.2 percent year-on-year, according to preliminary figures published by the Federal Statistical Office (Destatis) on Monday.
Particularly strong price increases were observed in sparsely populated rural areas in Germany. Here, prices for single- and two-family houses rose 15.9 percent in Q4 while prices of condominiums were up 13.2 percent, according to Destatis.
Germany's seven major cities Berlin, Hamburg, Munich, Cologne, Frankfurt, Stuttgart and Duesseldorf also recorded above-average price increases. Prices for single- and two-family houses as well as condominiums increased by almost 13 percent.
Average residential property prices in Germany rose by 11 percent year-on-year in 2021, according to Destatis. In 2020, prices for residential property rose only 7.8 percent year-on-year.
Due to the Ukraine crisis, supply problems further grew in the construction industry, according to the Main Association of the German Construction Industry (HDB). ■