The cost of constructing new residential properties experienced an upward surge by 3.1%.
Costs for building new homes saw a 3.1% surge year-over-year in August. Comparatively, the cost increase from May to that point was at 0.7%, as revealed by the Federal Statistical Office in Wiesbaden on Thursday. The annual growth rate in May was 2.7%.
The expense of completion work experienced a significant boost, with a 4.0% year-over-year increase. This encompasses installing heating systems and metal construction projects. Statisticians noted that prices for heating systems and central water heating systems, like heat pumps, went up by 4.9%, while metal construction work prices climbed by 3.2%.
Costs for rough construction work on residential buildings also ascended, but at a more moderate pace of 1.9% year-over-year. This category comprises tasks such as concrete and masonry work, as well as roofing. New construction prices for office buildings saw a 3.4% year-over-year hike in August.
The surge in construction costs was first observed in August, with new home builds seeing a 3.1% increase year-over-year. Similarly, completing work on homes, including heating systems and metal construction projects, also showed an upward trend in August, with a 4.0% year-over-year increase.
