1. ifo Institute forecasts 1.6M decline in European residential units by 2024, with Germany facing a 15% reduction.
The ifo Institute for Economic Research in Germany forecasts a 1.6 million decline in completed European residential units by 2024, marking an 8.5% decrease from the previous year. Germany is expected to face a 15% reduction due to higher interest rates and reduced purchasing power. In contrast, Poland, Ireland, and Spain are projected to see increases in housing completions. The European housing market is shifting towards maintaining and modernizing existing living spaces, while the civil engineering sector anticipates stable demand for infrastructure projects.
August 02, 2024
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