(Bloomberg) -- German house prices dropped by 9.9% from a year ago in the second quarter — the steepest decline since the time series began in 2000. 

The fall was especially pronounced in the country’s biggest cities, the statistics office said Friday. Compared with the previous three months, prices declined by 1.5% — less than in the two preceding quarters, according to Destatis.

After a long boom in the era of ultra-low borrowing costs, the sector has been hit hard by the European Central Bank’s unprecedented monetary-tightening campaign and uncertainty over new energy regulations. 

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