BERLIN, March 22 (Xinhua) -- German residential property prices plunged 8.4 percent year on year in 2023, the sharpest decline since the start of data collection in 2000, according to a report released by the Federal Statistical Office (Destatis) Friday.

It also marked the first drop on an annual average basis since 2007. However, lower prices did not lead to more purchases due to high interest rates and construction costs.