Record Construction Cancellations in Germany as Housing Boom Ends Amid Rising Rates and Costs
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Construction cancellations in Germany at record high levels according to Ifo survey, with 22.2% of firms reporting abandoned projects in October.
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Cancellations attributed to higher interest rates and elevated construction prices.
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Number of firms reporting lack of orders also increased to 48.7% in October, up from 46.6% in September.
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Nearly half of all residential construction companies now suffering from lack of orders.
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Sharp rise in rates and building costs has ended Germany's real estate boom, causing insolvencies.