Germany sees 24% drop in apartment building permits

Building permits for apartments in Germany dropped by 24 per cent in May compared to the previous year, according to data from the Statistics Office released on Thursday.

This decline highlights a sustained downturn in demand within the construction and real estate sectors.

With just 17,800 permits issued, the data reveals a steeper decline than the 17 per cent drop recorded the previous month, marking a 44 per cent decrease over the past two years.

Germany’s property market, now in its third consecutive year of decline, is experiencing its most severe slump in decades.

Attribution: Reuters.