Home ownership is becoming more expensive
Prices for residential property continued to rise in the second quarter of 2023. In a quarterly comparison, prices for owner-occupied flats rose more strongly than prices for single-family houses. This is shown by surveys conducted by the Federal Statistical Office.
Prices for residential property continued to rise in the second quarter of 2023, theFederal Statistical Office(FSO) informs in a statement. The residential property price index it collects rose by 1.2 per cent quarter-on-quarter and currently stands at 115.9 points. In a year-on-year comparison, the experts at the FSO observed an increase of 2.4 per cent. The base of the index was fixed at 100 points in the fourth quarter of 2019.
Prices of condominiums increased by 1.6 per cent quarter-on-quarter and by 2.1 per cent year-on-year. Single-family homes saw a 0.7 per cent quarter-on-quarter and 2.7 per cent year-on-year increase. The property price index for single-family homes closed the quarter at 117.4 points. Its counterpart for condominiums was slightly lower at 114.6 points.
In the quarter under review, prices for single-family houses rose most strongly in urban communities outside conurbations or in a small conurbation, at 3.4 per cent. In contrast, prices in urban municipalities of large agglomerations and in intermediate municipalities remained largely unchanged compared to the previous quarter. In the case of owner-occupied flats, the FSO experts observed rising prices in all municipality types in a quarterly comparison. The strongest increase, 2.4 per cent, was for condominiums in urban municipalities of a medium-sized agglomeration.