DUESSELDORF, Aug 4 Reuters Germany39;s largest real estate group Vonovia slipped to a 2 billion euro 2.19 billion second quarter loss and wrote down the value of its properties by 3 billion euros on Thursday in the latest sign of stress in the country39;s property sector.

After a decadelong property boom, Germany is undergoing a sharp reversal of fortune after an era of cheap money ended.

Vonovia39;s quarterly loss compared to a profit of 1.8 billion euros a year earlier, and Germany39;s biggest landlord confirmed its forecast for a 2023 drop in a key profit measure.

Germany39;s real estate sector is mired in its worst crisis in decades, marked by insolvencies, fizzling transactions, falling prices and a stagnation in construction jobs.

Vonovia, which went public in 2013 at the start of the property boom and took over its biggest rival in 2021, serves as a bellwether for Germany39;s property sector.

The company said that the value of its assets fell to 88.2 billion euros in the quarter from the end of March, marking a further writedown of 3.3.

Germany39;s property industry will ask the government for multibillion euro support at a meeting with Chancellor Olaf Scholz in September.

It39;s a major achievement that we performed so well in this challenging market environment, said Chief Executive Rolf Buch.

Vonovia39;s shares are down almost 7 this year, compared to a 14 climb in Germany39;s bluechip DAX index.

Analysts at Stifel recently downgraded Vonovia and…