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German housing prices fall for the first time in five years

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German housing prices fall for the first time in five years
Just your average single family home. Photo: DPA
15:18 CEST+02:00
The average price of a German home fell in 2008 for the first time in five years, a housing industry study has found.

The typical home last year cost €120,900, which was by 3.4 percent lower than in 2007, according to the survey released last week by the IFS property developers and mortgage lenders institute.

A single family house (usually standing alone with a yard) cost on average €157,500, which was 2.4 percent down on the previous year.

The most expensive homes remain in and around the Bavarian capital Munich at an average of €205,900.

Hamburg was the most expensive of Germany's 16 federal states, with an average price of €189,800, followed by Bavaria at €144,300 and Hesse on €138,300.

The cheapest homes were in Saxony-Anhalt, where the average property went for just €70,400, Thuringia at €76,300 and Lower Saxony on €80,600.

Germany has not had a rapidly growing housing bubble and therefore escaped the property price crashes seen in some countries last year amid the financial crisis.

The IFS institute studied the sale prices of 448,000 properties last year.

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