Real Estate
German Housing Push Falters as Building Permits Slump by a Third
- Lobby calls for construction stimulus to prevent job losses
- ‘People willing to build are losing heart,’ ZDB lobby says
A construction site near Alexanderplatz in Berlin.
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
Germany’s efforts to increase housing supply are faltering as higher materials costs triggered a decline in residential construction orders by more than one third in the first quarter, according to the country’s main builders lobby.
Applications for housing permits dropped by almost 24,000 in the January to March period, the Berlin-based ZDB said Thursday. The bleak outlook may soon prompt companies to start shedding workers, according to Felix Pakleppa the trade group’s managing director.