German residential construction to see a drop of 12.5% in 2023

Posted on December 26, 2022   |  

In 2023, the completed residential units will likely drop by 12.5% to 245,000 and by the end of 2022, 280,000 residential units will be completed in the country.

For the construction industry as a whole, a decline of 7.2% in real terms and 2.1% in nominal terms to 154.6 billion euros is expected.

The commercial construction sector is doubtful to grow due to uncertain economic possibilities and rising construction costs, and this year's turnover is expected to fall by 8.8% in real terms and 3.8% in nominal terms to EUR 30.8 billion compared to 2021 levels.