{"id":4143,"date":"2023-08-09T19:33:16","date_gmt":"2023-08-09T17:33:16","guid":{"rendered":"https:\/\/www.dhcab.com\/?p=4143"},"modified":"2023-08-09T19:33:16","modified_gmt":"2023-08-09T17:33:16","slug":"why-germanys-real-estate-sector-is-in-the-dumps","status":"publish","type":"post","link":"https:\/\/www.dhcab.com\/?p=4143","title":{"rendered":"Why Germany&#8217;s real estate sector is in the dumps"},"content":{"rendered":"<div class=\"postie-post\">\n<div>\n<div dir=\"auto\">Germany has long enjoyed the fruits of an era of cheap money that fueled a decade-long real estate boom, but the sector is now experiencing a major turnaround in fortunes.<\/p>\n<p>Germany&#8217;s largest real estate group, Vonovia, has reported multibillion-dollar losses and asset write-downs. Job growth for construction workers has also stalled.<\/p>\n<p>New construction in the country fell sharply in the first half of the year, down 47% compared to the average for the past two years. Additionally, the number of building permits fell 27% in the first five months.<\/p>\n<p>House prices also fell by 6.8% year-on-year in the first quarter, the largest decline since Germany began keeping statistics.<\/p>\n<p>&#8220;The current crisis will certainly continue for a while yet,&#8221; said Sven Carstensen, chief executive of Bulwiengesa, a property consultant and analysis firm.<\/p>\n<p>Germany, whose population has recently been boosted by millions of migrants and refugees from Ukraine, aims to build 400,000 apartments a year but is struggling to meet this targets.<\/p>\n<p>Politicians, ministries and representatives of the real estate industry will meet with Chancellor Olaf Scholz on September 25 to try to find solutions.<\/p><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Germany has long enjoyed the fruits of an era of cheap money that fueled a decade-long real estate boom, but the sector is now experiencing a major turnaround in fortunes. Germany&#8217;s largest real estate group, Vonovia, has reported multibillion-dollar losses and asset write-downs. Job growth for construction workers has also stalled. New construction in the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4144,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":["post-4143","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global-issues"],"_links":{"self":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/posts\/4143","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4143"}],"version-history":[{"count":0,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/posts\/4143\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/media\/4144"}],"wp:attachment":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4143"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4143"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4143"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}