German gov't on track to reach target of 1.5 mln new apartments

Xinhua
24 Feb 2021, 03:44 GMT+10

BERLIN, Feb. 23 (Xinhua) -- The German government's "housing offensive" was on track, and 1.5 million new apartments would be completed or under construction in the country by the end of the legislative period in September, the Ministry of the Interior (BMI) announced on Tuesday.

Last year, more than 300,000 apartments were built in Germany, the highest level in 20 years, according to BMI.

"Despite the pandemic, the construction industry was the real engine of the German economy," said Interior Minister Horst Seehofer at a digital meeting on Germany's housing plans.

Around 1.2 million new apartments were already built since late 2017. In addition, 770,000 building permits were issued, according to Seehofer.

"We have achieved quite a bit along the way. And the fact that there is still work to be done is also good news for everyone working in the construction industry," said Chancellor Angela Merkel during her speech at the meeting.

The research department of Germany's state-owned development bank (KfW) noted in a statement that the new apartments would help "relieve tight housing markets."

Nevertheless, the housing market in Germany is likely to remain tight, particularly in growing metropolitan areas. The trend toward urbanization is slowing down and "despite rising construction completions, demand for new housing in Germany is not being met," said KfW research.

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