Real estate - Fewer apartments are being built
Despite politics aiming for more housing units, construction is progressing slowly. The production of new housing units decreased by 11.4 percent in April compared to the previous year, according to the Statistical Office in Düsseldorf.
The situation was not good in the previous months either: In January, there was a decrease of 7 percent and in February, a decrease of 3.7 percent. A small increase of 1.7 percent was reported in March. However, this was not a turnaround, as it now turns out. With rising interest rates and higher costs, the demand for housing has deteriorated, and there is a labor shortage in construction companies.
In North Rhine-Westphalia, commonly referred to as NRW, the construction of new housing units is facing challenges. Despite the government's efforts in Germany to increase housing, real estate development in Düsseldorf and other parts of NRW has been affected. Amidst rising interest rates, higher construction costs, and a shortage of labor, the demand for living spaces in Düsseldorf has started to decline.
