Property market undergoes transformation - Government officials call for increased federal involvement in residential construction.
The Housing Minister of North Rhine-Westphalia (NRW), Ina Scharrenbach from the CDU party, thinks it's time for the federal government to give a "boost" instead of causing problems. She's mentioned that there are already plans to make housing more affordable, and it's now crucial for the government to step in.
Scharrenbach believes that a temporary hold on building costs would be beneficial. Ina thinks that the housing sector is struggling because of the war in Ukraine, supply chain issues, and high prices for construction materials, combined with increased interest rates. Regulations, like the Building Energy Act, haven't made things any better.
On Tuesday, ministers from the federal government, the construction and housing industry, tenants, and municipal associations gathered for a state summit to explore ways to provide more affordable housing options.
