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Investing.com -- Recent data from Germany’s statistics office reveals a 2.3% decrease in building permits for apartments in February compared to the same period in the previous year.
This drop highlights the ongoing struggles of the country’s property industry, which has been experiencing a significant slump for the past several years.
Following two consecutive months of increases, this decline comes as a setback, dampening hopes of a potential recovery after three years of consistent decreases.
The property sector in Germany, which began to contract in 2022, is currently experiencing its most severe downturn in decades.
Building permits are a key indicator of future construction activity. In February, the number of permits fell by 400 to a total of 17,900.
This indicates that Germany is considerably behind its target of constructing 400,000 apartments annually.
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