Berlin Unveils 45 Billion Euro Aid Package for Struggling Construction Industry

Berlin unveiling 45 billion euro package to aid struggling construction industry, including 18 billion for affordable housing.
Putting on hold plans for more stringent building insulation standards, a top industry demand.
Opposing proposed EU legislation to upgrade buildings over cost concerns.
Industry hit hard by rising interest rates and falling housing prices.
Converting empty offices and shops into apartments, and increasing subsidies for climate-friendly heating.

reuters.com

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9/25/2023

Germany's Housing Crisis Deepens as Costs Rise and Construction Stalls

The property market in Germany is in crisis as rising interest rates and raw material costs lead to a spike in bankruptcies among developers, causing construction projects to halt and leaving homeowners-to-be in financial distress. Chancellor Olaf Scholz is calling for talks with industry leaders to find solutions to jump-start construction and alleviate the growing housing shortage.

9/25/2023

Germany Drops Stricter Energy Rules for Buildings, Pledges Billions for Housing Instead

Germany's government has agreed on a 14-point plan to address the housing crisis, which includes putting stricter building insulation standards on hold and investing €18 billion in the sector by 2027. However, the plan has faced criticism from the construction industry and environmental groups.