Research indicates an increasing need for recently built apartments.

The property market industry - Research indicates an increasing need for recently built apartments.

Metropolitan areas across Germany are facing a heightened dilemma when it comes to housing, according to Michael Voigtlander, real estate expert from the Cologne Institute for Economic Research, in articles published by the Funke Media Group.

The Cologne Institute initially predicted that 308,000 new apartments were required annually. However, recent findings now suggest a need for 372,000 apartments - a difference spurred by an accelerated rate of immigration which surprised the institute.

In the last 12 months, Germany managed to construct 295,000 apartments altogether. The federal government originally aimed for an annual completion of 400,000. Voigtlander remarks that construction needs to be drastically ramped up in order to keep up with the rising demand.

The effect of this shortage? Intense competition in the rental market, where demand is outstripping supply. The seven largest cities in the country, in particular, have only managed to construct 59% of the necessary apartments on average. Rising rental costs are being reported in urban areas, making housing even more elusive for many people.

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1. Michael Voigtlander, a real estate expert from the Cologne Institute for Economic Research, emphasizes the need for more house hunting in metropolitan areas of Germany, specifically an increase in the annual construction of 372,000 apartments, as suggested by the Institute of the German Economy.
2. Articles published by the Funke Media Group detail Voigtlander's concerns about the real estate industry, indicating that recently built apartments are increasingly in demand due to a higher rate of immigration than initially forecasted.
3. The disparity between the annual construction of 295,000 apartments and the required 372,000 has led Voigtlander to advocate for a significant increase in construction to meet the growing demand, particularly in the seven largest cities of Germany.
4. The intense competition in the rental market is largely due to the apartment shortage, as the supply fails to meet the escalating demand, resulting in rising rental costs and making housing increasingly elusive in urban areas.
5. As a result, real estate in Cologne and other popular German cities such as Berlin tends to be expensive, especially for those who are house hunting for an apartment in Germany's property market.

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