— This is the script of CNBC's news report for China's CCTV on August 20, Wednesday.
Welcome to the CNBC Business Daily, I'm Qian Chen.
China's overall new home prices fell for the third month.. but prices in Beijing still rose 4% on year.
And among the dizzying house price surges in other major cities, prices over in London were also up 20% in the past 12 months, while Dubai saw a 36% increase in prices.
But we narrow our focus now to Germany... where according to Berlin-based research firm, Bulwiengesa, prices in major cities have gone up by over 30% over the past 5 years.
Is Germany's property market bubbling over?
Annette Weisbach looks into what's behind the rise in prices there in the last 7 years, in today's intallment of our week-long property series.
Man in checked shirt: "The prices are so high now I simply can't afford it"
Man in suit: "I think it is a good investment, prices are going higher'
Man with glasses: "Prices are fair, but I think there are signs of a bubble in the big cities"
Offices are being transformed into flats, council estates turned into upmarket apartments and new city districts are emerging. House prices which have barely moved for decades are on the rise. In Frankfurt alone, property values have jumped more than 40 percent since 2007.
[Jan Linsin, Head of Research Germany, CBRE] "Frankfurt is becoming more and more attractive as a place to live and work, we have seen a strong increase in population growth in the last 3 or 4 years and this boom will last another 5 years due to re-urbanisation."
Half a million dollars can buy you a really nice one bedroom apartment in one of the buildings behind me of a size of roughly 60-65 square meters, which equals into a square meter price of more than 6 thousand euros, which is a novelty for Frankfurt.
The Budesbank has warned house prices in the nation's biggest cities are in danger of overheating, being overvalued by as much as 25 percent. The bank blames both foreign buyers and the low-interest environment for fuelling this rise. But the ECB could be contributing more to the environment than just low rates. The bank regulator is planning to hire more than one thousand new people - another factor keeping property in high demand. But is 'concrete gold' really killing Germany's rental culture, or are savers just looking for a place to put their cash?
I'm Qian Chen, reporting from CNBC's Asian headquarters.