Steep rise in construction costs in Germany

New home construction costs in Germany rose 15.1 percent in February compared to the same period last year.

The German Federal Statistical Office (Destatis) announced February data on new home construction prices.

As a result, the country’s new home construction prices rose 15.1 percent in February compared with the same period last year.

THE GREATEST INCREASE WAS RECORDED IN MAY

In November 2022, when the above statistics were released, new home construction prices, which rose 16.9 percent annually, posted the largest increase in more than 50 years with an increase of 17.6 percent. in May 2022.

Analysts said the “massive” rise in construction costs for new homes, following a notable rise in interest rates, has led homeowners and investors to shy away from planned projects. (AA)