Total Area: 357,022 km²
GDP (in billion USD): 3,557
Germany, officially the Federal Republic of Germany, is a federal parliamentary republic in western-central Europe. The country consists of 16 states, and its capital and largest city is Berlin.
German housing stock is generally of good quality, though there is a considerable discrepancy between eastern and western Germany. In the territory of the former West Germany, the stock is modern, some three-fourths of its dwellings having been built since the end of World War II. In contrast, eastern German housing stock is significantly older, about half of it having been built prior to the end of the war. Home ownership rates also vary considerably; almost half of dwellings are owner-occupied in western Germany, compared with less than one-third in eastern Germany.
Germany's property price increases are now decelerating, amidst an economic slowdown. In the second quarter of 2012, the hedonic house price index dropped by 2.65% (-2.56% in real terms) from the previous quarter, after registering a quarterly rise of 2.8% in Q3 2011, 2.7% in Q4 2011, and 3.9% in Q1 2012.
During the year to end-June 2012, the overall house price index rose 6.7% (4.9% in real terms), according to Europace. The average price of apartments was €149,700 in June 2012. The average price of new detached homes was €250,600, existing homes €192,950.
Property prices in Germany have risen modestly in the past two years, with the overall house price index rising by 5.44% (3.27% in real terms) in 2011, and 2.97% (1.28% in real terms) in 2010. Total dwelling permits rose 21.7% to 228,400 units in 2011, according to Federal Statistical office (Destatis). In addition, completions rose 14.6% to 183,000 units.