Germany sees 18% decline in home building permits for February 2024

Posted on April 29, 2024   |  

Apartment building permits in Germany dropped by 18.3% in February compared to last year, indicating a prolonged decrease in construction demand.

Germany is experiencing its most significant property sector decline in decades, with a notable decrease in building permits.

Only 18,200 permits were issued in February, down by 4,100 from the previous year, extending the ongoing slump.

Building permits are a key indicator for future construction activities.

The real estate sector, previously a vital part of Germany's economy, has seen challenges due to rising interest rates, leading to halted deals and falling prices.

Despite aiming to build 400,000 apartments yearly, Germany struggles to meet this target amid ongoing market challenges.