More people in Germany have been using Google to learn more about buying a home than ever before. In spite of the upheavals caused by the pandemic, real estate prices have never been higher. This is shown in a new infographic from Kryptoszene.de.
The price for a square metre of living space last year (national average for a property with an area of 30 m²) was €4,021. This compares to €1,411 in 2011, amounting to an increase of 185%, as shown by data from the „Wohnungsboerse“.
Yet not everyone in Germany stands to benefit from the property market rally – 57.9% of Germans live in rented accommodation, and the home ownership rate overall is comparatively low by international standards.
Demand for Concrete Gold in a Time of Crisis
As shown in the infographic, total real estate assets in Germany are worth a total of €14 trillion. To put this in perspective, German gross domestic product is €3.4 trillion.
The housing rental index is also currently at an all-time high of 107.7 points.
Faced with rising rents, more and more people appear to be taking an interest in purchasing their own home. The Google Trend Score, an indication of relative search volume, for the search term pair „buy home“ recorded the highest possible value of one hundred in February, an all-time high.