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Number of New Homes in Germany Drops by 14% in 2024
- Germany completed 251,900 new homes in 2024, marking a 14.4% decrease compared to the previous year, according to Destatis on May 23.
- This decline follows a period from 2021 to 2023 when completions remained stable near 294,000 annually despite the previous centre-left government’s 400,000 target.
- Higher borrowing expenses and increased expenses for building materials led developers and investors to pull back, resulting in a 22% decline in single-family homes and a 26% drop in duplex construction.
- Peter Hübner, head of the German Building Industry Federation, described the statistics as disastrous, while Minister Verena Hubertz pledged to accelerate approvals to stimulate housing construction.
- The decrease worsens Germany’s housing shortage and implies continued pressure on rents and property prices despite the new conservative-led government’s commitment to increase supply.
16 Articles
16 Articles
Number of Newly Built Apartments in Germany Breaks Down
Increased interest rates and expensive construction: The new building in Germany is in crisis. In 2024 42,500 apartments were built less than in the previous year. This has consequences for rents and real estate prices. However, the situation could improve in the current year.
Number of new homes in Germany drops by 14% in 2024
Over the course of last year, 251,900 new homes were completed across Germany - 42,500 fewer than in the previous year. The number of new homes built in Germany plummeted by 14.4% last year, due to sharply rising interest rates and construction costs, figures released on Friday from the country's statistical office Destatis showed. Over the course of last year, 251,900 new homes were completed across Germany - 42,500 fewer than in the previous y…
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