After cost explosion - Construction prices remain high
After the cost explosion of the past few years, building prices in Thüringen remain at a high level. The prices for new construction of residential buildings were 2.8 percent higher in May 2024 than in the previous year's month, as the Statistical Office in Erfurt reported. Although this was a lower rate of increase than since 2021, the building costs have also risen approximately 40 percent, according to the Landesamt.
Compared to May 2023, the costs for rough construction work remained nearly constant. Earthwork or masonry work became slightly more expensive, while the prices for plastering or finishing work slightly decreased. The costs for outfitting work, however, increased significantly. Here, the prices for insulation and fire protection work on technical installations, as well as for painting and varnishing work, rose by around nine percent each.
Despite the slight decrease in pricing for plastering and finishing work, the overall cost of building in Thuringia, specifically Erfurt, has still experienced a significant increase of approximately 40% due to the cost explosion. Prospective homebuilders in the region should be prepared for higher prices when considering a new construction project.
