The report blamed rising financing costs due to higher interest rates and big price rises for building materials or the decline in new residential building.
The construction industry had warned last year that a
dramatic decline in residential construction was imminent. In
2022, about 280,000 apartments had been completed, while it is
expected that about 245,000 will be finished this year.
German Housing Minister Klara Geywitz acknowledged in
January that the government's new construction target of 400,000
apartments per year would be missed in 2002 and in 2023. The
mood in the construction industry has deteriorated recently, she
said at the report presentation.
(Reporting by Holger Hansen und Klaus Lauer. Writing by Maria
Martinez;
Editing by Madeline Chambers)
