Germany’s Urban Housing Recession Is Coming to an End

Less than a 30-minute walk along Rhine River from Cologne’s world famous cathedral, homes with oak flooring, spacious patios and spa-like bathrooms were on sale until recently for discounts, which could amount to as much as €57,000 ($62,000).

Offered by the developer of the 300-unit Viva Agrippina project, the deal was intended to stimulate demand after would-be buyers were left in a “state of shock” when the European Central Bank raised interest rates in 2022 to propel a surge in mortgage costs, said Anett Barsch, head of project development at the German unit of Swiss Life Asset Managers.