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Prices for multi-family homes in top 7 are exploding
Prices for housing property in the seven largest cities in Germany increased by 13.7 % in 2017 compared to the previous year. This is nearly twice the national average (+6.9 %). One significant driver was the price development for multi-family homes with a rise of 14.2 % compared to 2016, as the VDP partial index for the top seven markets, compiled for the first time for 2017, has shown. During the 4th quarter of 2017, prices for multi-story buildings even rose by 14.6 %. The price hike for German real estate has also continued to progress somewhat in the other markets and property types. The total index rose by 6.8 % on average for the year, after 6.4 % in 2016. Prices for commercial property gained 6.5 (5.8) %, residential property had only increased by 6.5 % in 2016. During the final quarter of 2017, the total index climbed 8.0 % compared to the same quarter of the previous year, driven by multi-family homes (+9.9 %) and office property (+8.3 %).
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