bThe trend in building permits for apartments in Germany continues to point downwards. In November, the authorities approved the construction or conversion of 20,200 apartments, as the Federal Statistical Office announced on Thursday. That was 16.9 percent or 4,100 units less than a year earlier.
From January to November 2023, according to the Wiesbaden authority, the number of building permits for apartments fell by 25.9 percent or 83,200 units to 238,500 approved apartments compared to the same period last year. There was a decline of 28.8 percent in new buildings to 196,700 apartments. The biggest drop was in approvals for two-family houses (49.2 percent). The numbers are partly based on estimates because there were no November figures from Lower Saxony.
Despite the high demand for living space, the number of building permits has been falling for months: high prices for building materials and increased interest rates are slowing things down. The federal government's original target of 400,000 new apartments per year is a long way off.
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