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Gradual recovery in European housing construction

08.09.2021 − 

Following the corona-related decline in 2020, housing construction in most European countries is set to recover somewhat faster in the current year and the next two years than initially anticipated. In the current year, completions are expected to increase slightly to a total of 1.770m units. Next year, it is anticipated that completions will rise by 1.7% to 1.801m units, according to forecasts presented at the Euroconstruct conference held in the form of a webinar on 10 and 11 June. For 2023, a further 1.0% increase to 1.819m units is forecast. This means that Euroconstruct, after the forecasts had already been adjusted upwards at the previous conference - held on 23 and 24 November also in the form of a webinar - again anticipates development slightly better than originally expected.

According to the updated forecast, for 2021 the most significant increase of 21.0% to 173,000 completions is anticipated for Great Britain. However, this rise must be considered against the background of the one-third slump in housing construction activity in 2020. For 2022, an increase of 4.0% is still forecast, which is then likely to slacken off to a 1.1% rise in 2023. In Germany, completions are expected to decline by 2.1% to 300,000 units in the current year. A 5.0% rise is forecast for 2022, however this is to be followed by a 3.2% decline in 2023. In France, a decrease of 6.4% is expected in the current year. By contrast, increases are anticipated in several smaller countries. In 2021, completions are expected to rise in Finland (+3.3%), Norway (+8.2%), Sweden (+5.2%), Austria (+1.2%), Portugal (+17.3%), Poland (+1.1%), the Czech Republic (+4.4%), the Netherlands (+2.9%) and Slovakia (+3.3%).

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