The price of new apartments rose by around 17 percent from November 2021 to November 2022. This was reported by the Federal Statistical Office (Destatis). A significant influence on this was probably also the increased prices for various services and materials. According to Destatis, prices rose by 20.3 percent for roofing and sealing work, 17.6 percent for concrete work, 15.8 percent for shell construction work, 15.7 percent for earthwork, 13.6 percent for masonry work and 5.1 percent for carpentry and timber construction work, among others, in the aforementioned period.
The German Construction Industry Federation takes a critical view of the developments. "In order not to get into financial difficulties, companies have had to take the increased material and energy prices into account when calculating the costs of new projects," explains Tim-Oliver Müller, Chief Executive Officer of the German Construction Industry Association.
However, he said, the increased construction prices have boomeranged on new residential construction. "Many projects have been put on hold or even cancelled for the time being. Incoming orders slumped by 14 percent in real terms in the first ten months of 2022, and residential construction has the highest cancellation rate of all construction sectors," says Tim-Oliver Müller.
Sources: destatis.de/bauindustrie.de
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