Drop in Apartment Availability in Thuringia: A 19.7% Decrease in 2024
Less apartments in Thuringia available for tenants by 5% - Approximately 20% fewer dwellings in Thuringia prepared for residents to move in
Thurnia's housing market took a hit in 2024, with a whopping 19.7% decrease in the number of apartments ready for occupancy, according to the State Statistical Office in Erfurt. A total of 3,310 apartments were completed in the state, a sharp drop of 813 compared to the previous year.
Most of these new apartments were built in new constructions. Through renovations and extensions of existing buildings, 683 apartments were created, an increase of 96 compared to the year before.
The trend towards owning a home also plummeted by 26.2% in Thuringia in 2024. Approximately 1,000 new single-family homes were completed last year, a significant drop of 355 compared to 2023.
Of the completed new apartments, 54.6% were constructed under the guidance of private builders. Companies accounted for 25% of the apartments, while public builders such as municipalities, the federal government, and the state were responsible for just 0.8%. This is a steep decrease from 2023, when public builders accounted for a share of 9% of the apartments completed.
When it comes to construction costs...
While specific construction costs for apartments in Thuringia, especially for new constructions and private builders, are not thoroughly detailed, several factors can influence these costs. These include:
- Market Conditions: Economic uncertainty and rising interest rates can impact private demand and construction costs globally.
- Materials and Techniques: The use of prefabricated elements like natural stone and rammed earth can vary in cost based on regional availability and demand.
- Regulations and Energy Transition: Germany's focus on renewable energy and green technologies might influence construction practices and costs, but this doesn't directly impact apartment construction costs.
- Local Market and Government Policies: Local policies and initiatives in Thuringia, including incentives for sustainable or efficient construction, could affect construction costs. Factors like labor costs, land prices, and local building codes can also vary significantly.
For a precise cost estimate, it would be best to consult local construction companies or real estate developers in Thuringia. They can provide more detailed estimates based on current market conditions and specific project requirements.
- The significant drop in the number of apartments in Thuringia might be influenced by the state's community policy and employment policy, as a decrease in private builders and public builders' involvement was observed in 2024.
- Individuals interested in investing in Thuringia's real-estate market, particularly in the apartment sector, may want to consider the impact of finance policies on construction costs and the housing-market trends, before making their decisions.
