BERLIN, Dec. 17 (Xinhua) -- The investment volume for the purchase of apartments, houses, land and agricultural land had "more than doubled" in the past 10 years, the Federal Institute for Research on Building, Urban Affairs and Spatial Development (BBSR) announced on Tuesday.
Although the number of deals had remained constant at around one million, the total investment volume hit a new record level of 269 billion euros (300 billion U.S. dollars) in 2018, according to BBSR.
"The focus of investment remains on the housing market," according to the sixth real estate market report published by BBSR in cooperation with the official real estate expert committees.
The nationwide turnover for residential real estate in Germany alone had amounted to around 180.5 billion euros in 2018.
"Especially in already expensive locations, prices continue to rise sharply," said Anja Diers, chairperson of the working group of expert committees.
Prices for detached homes in Germany had risen by an annual average of 4.3 percent since 2009. The highest prices were in the district of the city Munich, at 10,200 euros per square meter in 2018, the BBSR noted.
Interest rates, which remain low, are an incentive for consumers to pay in Germany, said Markus Eltges, director of the BBSR.
Since 2009, prices for apartments in Germany had also risen "significantly", said the report. On average, prices for apartments increased by 4.4 percent per year.
"The rising demand for apartments is driving up prices. Germany's population is growing and so is the demand for real estate," Eltges added.
