Nearly half of German households own property

At the beginning of 2018, 48 percent of German households owned at least one property, the Federal Statistical Office (Destatis) announced on Tuesday.

Single-family houses continued to be the most common form of real estate ownership in Germany at 31 percent, the German statistical office reported.

Condominiums were the second most frequent form of ownership in Germany, at 14 percent, followed by two-family houses at five percent.

Despite low interest rates, the proportion of German households who own property has not risen in recent years. At the year of the financial crisis in 2008, home ownership in Germany was also at 48 percent.

House prices in Germany’s most expensive city, Munich, are set to increase 1.8 percent annually, according to the Hamburg Institute of International Economics (HWWI). The second and third fastest growth has been predicted for Duesseldorf, at 1.1 percent, followed by Cologne, at 1 percent.

According to the HWWI experts, housing prices in Germany are set to keep increasing as urban and suburban population continue to rise.