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The crisis in the crown has plunged many people into concerns for their livelihoods, but the trend towards expensive housing has still intensified. The construction industry estimates the increase in residential construction nationwide at four percent this year, and construction companies have registered a particularly large number of inquiries for construction financing. Backed by a renewed increase in demand for residential properties and low interest rates, both the public and private sectors are reporting significant increases in this area, a survey by the dpa news agency revealed.
The director of the Association of Private Building Societies, Bernd Hertweck, said he expected the construction money to be paid by the end of the year for the houses it represented, an increase of 15 percent compared to 2019. This should break the mark of around 30 billion euros.
When it comes to mortgage loans, private institutes represent about three-quarters of the market. The rest is shared by public law state building societies, which also expect a total increase of about 15 percent this year. In 2019, Landesbausparkassen paid its customers a total of € 10.8 billion in construction finance.
The new figures support the thesis that in times of crisis people, despite concerns about their existence, depend more than ever on home ownership. Unlike other segments, the construction industry for residential construction reports growth in sales. While the willingness of industrial groups and service companies to invest in construction projects is declining, the situation is very different for residential construction.
And the industry expects it to continue like this: The construction industry expects a further increase in sales of three percent to 52.6 billion euros in 2021 in the residential construction sector.
