Asset prices for private German households have risen sharply in the last four quarters. Real estate prices in particular recorded the strongest increase since the start of the time series in 2005.

In 2020, asset prices in the Euro area increased by +3.9%. While prices were still under pressure in the first quarter of 2020, they recovered quickly in the following quarters driven by to monetary and fiscal policy.

The corona pandemic is fuelling divergence in the eurozone. Although real estate prices are defying the pandemic, prices for business wealth in the southern countries of the eurozone are suffering more from the pandemic than in the north.