The construction of new apartments in Germany became more expensive in November of last year than it has been since 1970.
The prices for the new construction of conventionally manufactured residential buildings increased by 14.4 percent compared to the same month last year, as the Federal Statistical Office announced on Monday in Wiesbaden.
According to the information, a stronger increase was last measured in August 1970 with 17.0 percent compared to the same month of the previous year.
The great demand for building materials such as wood, steel and insulation materials on the world markets has been heating up prices for some time.
Carpentry and wood construction rose above average in November, the prices of which rose by 38.9 percent due to the increased demand for construction timber at home and abroad.
In addition, the temporary VAT reduction was withdrawn.
The regular rates have been in effect again since January 2021, so goods and services have tended to be more expensive year-on-year.
Without the VAT effect, according to statisticians, construction prices would have risen arithmetically by 11.6 percent in November 2021.
An early relaxation on the price front is not to be expected, according to the craftsman president Hans Peter Wollseifer.
"Private customers wait longer for craftsmen and pay significantly more," said Wollseifer recently.
“Building will become more expensive in the future, not just because wages are rising, but because the prices of materials are rising.
Because it is already becoming apparent that prices - even if the material shortages relax - will not completely fall back to the pre-crisis level. "