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The prices of residential properties in Germany fell sharply towards the end of last year, interrupting their continuous growth, the Federal Statistical Office "Destatis" (Destatis) reported, quoted by DPA.

In the fourth quarter of 2022, the value of German homes fell by 5 percent, explained by falling demand caused by rising mortgage costs and high inflation, experts at the German statistics office said.

The decrease in the price of residential properties in the country was the sharpest since 2007, BTA reported.

On a year-over-year basis, prices for detached and semi-detached homes fell 3.6 percent in the fourth quarter.

This applies to both urban and rural areas, with house prices falling more sharply than apartments.

In the first three quarters of 2022, home prices rose 5.3 percent year over year.

In 2021, overall German house prices rose by 11.5 percent, the most since comparable data began to be kept in 2000.

Meanwhile, German real estate giant Deutsche Wohnen reported a loss of 445.7 million euros ($482 million) for the 2022 financial year, compared to a profit of 919 million euros a year earlier.

Funds from operations (FFO), a metric used by real estate firms as a gauge of their operating results, was 593.6 million euros, compared with 594.3 million euros the previous year.

Funds from operations were €1.50 per share, the same as in 2021.

Earnings before taxes, fees, interest and depreciation (EBITDA) reached 701.8 million euros last year, down 3.4 percent from the previous year.

"Deutsche vonen delivered a solid performance in a challenging market environment in the 2022 financial year. Key indicators are in line with our expectations," announced Olaf Weber, the company's CFO.

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