Hundreds of thousands of apartments are missing in Germany. But the construction industry is in a deep crisis. At least the number of new buildings has not collapsed.
Around 295,000 apartments were completed in Germany last year. This means that the number of new apartments is just below the previous year’s figure, as the German Press Agency learned from informed circles.
Table.Briefings first reported on this, citing industry circles with reference to current figures from the Federal Statistical Office. The federal government had set a target of 400,000 new apartments per year.
The Federal Ministry of Construction emphasized: “The construction completion figures will not be published by the Federal Statistical Office until next Thursday.” A spokesman continued: “If the figures now reported in the media are confirmed, it would be a strong performance by the construction industry, which shows that the industry is getting through the crisis in a stable manner and job losses are being avoided.”
Study: 800,000 apartments are missing
Construction projects have become significantly more expensive in the past two years due to the sharp rise in loan interest rates and construction costs. As recently as April, the industry complained about a lack of new orders and cancellations of projects that had already been planned.
The consulting firm DIW Econ, on behalf of the Housing Construction Association, found that around one in seven jobs and 17 percent of tax revenue are linked to the construction industry. According to forecasts, the number of new apartments built annually could decline by 35 percent by 2026 compared to last year.
According to a study by the Arge construction research institute, construction costs have risen by 42 percent in large cities over the past four years. At the same time, building interest rates rose. According to Arge, there is now a shortage of around 800,000 apartments in Germany – especially affordable ones.
Source: Stern
