German home-building hits highest level since 2006

More homes were constructed in Germany in 2015 than in any year since 2006, but housebuilding still fell short of what the government says is needed amid a record influx of migrants.

Some 247,700 homes were built last year, up 1 percent from the previous year, data from the Federal Statistics Office showed on Monday — the highest since the 255,600 that were built in 2006.

Construction Minister Barbara Hendricks has said at least 350,000 new homes must be built annually, while the building industry has said 400,000 are needed.

Last year more than 1 million migrants fleeing war and poverty in the Middle East, Africa and elsewhere arrived in Germany. As they gradually move out of shelters and into more permanent accommodation, demand for homes is expected to pick up even more in a market where Germans are increasingly buying property, spurred by low mortgage rates.

Source: Reuters