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News Brief: Germany’s housing sector experienced an 8.4% increase in building permits in January, but experts warn that the ongoing Iran conflict may dampen this positive trend.

The number of building permits for new homes in Germany rose to 19,500 in January, according to the Federal Statistical Office, marking a recovery after three consecutive years of decline. However, rising fuel prices and inflation linked to the Iran war could hinder further growth, as warned by Sebastian Dullien from the Institute for Macroeconomics and Business Cycle Research. The construction industry is particularly vulnerable, with 40% of its energy consumption reliant on diesel. The ZIA reported a 60% increase in construction costs since 2015. While permits for single-family homes rose by 12.6% and for two-family homes by 26.1%, the overall sentiment remains cautious, with nearly half of construction firms reporting insufficient demand. The Ifo Institute noted slight improvements in business climate, but many companies still face unsatisfactory order levels.

Original Source: www.handelsblatt.com