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Asking rents in Germany increased by 3.5 percent year-on-year to 8.13 euros (8.88 U.S. dollars) per square meter in 2019, the German Property Federation (ZIA) said on Tuesday.

In Germany’s seven largest cities, including Berlin, Hamburg and Munich, asking rents have increased by 19 percent to 60 percent since 2010, the ZIA noted.

Although the increase have slowed down slightly compared to the previous year, prices are driven by the “high level of immigration” into cities and the “still low level of new housing construction,” according to the ZIA.

The increase in purchase prices for condominiums in Germany, on the other hand, did not slow down last year and, at 9.7 percent, was still well above the growth rate of asking rents, according to the federation.

Since the construction of new residences has increased in the cities, the rapid growth in rents “seems to be coming to an end,” the ZIA noted.

“The vague positive signs, such as the weakening increase in average rents, should not be overestimated and above all should not be counteracted by renewed market intervention and regulation,” said ZIA President Andreas Mattner. Enditem

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