ifo-Institut forecasts rise of 70% in housing completions by 2021
In its latest ifo building forecast for Germany, the German ifo-Institut forecasts an increase in residential-building completions in new residential buildings between 2011 and 2021 at roughly 70% to 275,000. 2011 saw the completion of an estimated 162,000 residential units. Of completions forecast by 2021, detached and semi-detached houses will probably account for 160,000 units, representing growth of 67%. Multiple-dwelling units are expected to show a rise of 72% to 115,000. In spite of the forecast growth, the completion rate of 286,000 achieved in 2001 will not be reached. Annual completion figures of 400,000 to 500,000 units registered in the nineteen-nineties are attributed to the special effect of German re-unification and extensive subsidy programmes. The ifo-Institut sees the possibility of achieving such high rates again in the coming decades as a difficult proposition.