Munich (dpa / lby) - Real estate sales in Bavaria fell significantly in the second quarter. Compared to the first quarter, they fell by 11.9 percent to 17.1 billion euros, as the real estate association IVD Süd announced on Thursday in Munich. "While real estate sales in Bavaria have risen steadily in recent years, there are currently signs of a trend reversal on the real estate market," emphasized the head of the IVD market research institute, Stephan Kippes.
Kippes currently sees "rapidly increasing mortgage interest rates, constantly rising construction costs and a weakening economy" as the brakes. "The times of steeply rising purchase prices should come to an end, at least for the time being."
According to the IVD, quarterly declines are nothing unusual, but they are currently "clearly beyond the normal range of fluctuation". A decline was also noticeable nationwide in the second quarter. At 13.3 percent, it was even stronger than in Bavaria.
