Property prices soften somewhat

07.11.2022: Europace, a financing platform, reported falling property prices in September...

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Non-residential construction softens slightly

07.11.2022: Deutsche Hypo's Investment Climate Index, a survey-based index of 1.200 real estate market participants...

Martin Langen by Martin Langen
DE
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Investors are under pressure, but what is the state doing?

07.11.2022: As expected, higher interest rates and expensive construction services will put the brakes on investment in 2022...

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DE
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Economy grows in third quarter despite negative outlook

07.11.2022: According to the Federal Statistical Office, the German economy grew surprisingly in the third quarter...

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Bleak prospects for non-residential construction

Bleak prospects for non-residential construction

14.10.2022: The B+L has to lower the current forecast for permits in non-residential construction for 2022 by a significant...

Martin Langen by Martin Langen
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Continued dynamic growth in flat and house prices

14.10.2022: In the first half of 2022, flat and house prices in Austria continued to grow very dynamically with +13,5% compared to the same...

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AT
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Is the recession coming?

Is the recession coming?

14.10.2022: With the start of autumn, the cooling of the Austrian economy has continued...

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Timber construction rate on the rise

14.10.2022: While a high vacancy rate can be observed in some regions in Switzerland, a housing shortage is particularly evident in the...

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Non-residential construction forecasts slightly worsened

Non-residential construction forecasts slightly worsened

14.10.2022: The non-residential construction forecasts have been revised slightly downwards for 2022 and 2023 by 0,1 and...

Martin Langen by Martin Langen
CH
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Housing between rising interest rates and immigration

14.10.2022: The residential construction forecasts for Switzerland have been revised downwards by 0,1% for 2022. 2023 is also expected...

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CH
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Economy remains stable, construction lags behind

Economy remains stable, construction lags behind

14.10.2022: According to the State Secretariat for Economic Affairs (Seco), GDP grew by 0,3% in Q2 2022. This means that the economic recovery continues after a plus of also 0,3% in the 1st quarter. Among other things, the service sector recovered strongly with 12,4% and private consumption also increased by 1,4%...

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Non-residential construction weakens

Non-residential construction weakens

11.10.2022: In non-residential construction, the premit forecasts for 2022 were adjusted downwards. Instead...

Martin Langen by Martin Langen
DE
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Residential building permits remain unchanged

11.10.2022: The forecasts for residential building permits in this edition remain unchanged from the previous month. A decline of -1,8% can still be...

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DE
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Real estate boom at an end - Is a crisis really coming now?

"Real estate boom at an end" - Is a crisis really coming now?

11.10.2022: The construction and real estate sectors have faced major challenges in recent months...

Martin Langen by Martin Langen
DE
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Non-residential construction heads for trend reversal

12.09.2022: In the second quarter of 2022, construction prices in non-residential construction increased by 16,8%...

Robin Huth by Robin Huth
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Home ownership becomes a luxury item

12.09.2022: While the prices for food, building materials and energy are particularly driven by distortions in the supply chains and, since February 2022, the war in Ukraine...

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Economic climate deteriorates, construction industry remains positive

12.09.2022: In August, the mood among Austrian companies deteriorated further compared to the previous month...

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Economic barometer continues to weaken

09.09.2022: The KOF Economic Barometer continues to weaken...

Martin Langen by Martin Langen
CH
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End of price growth

09.09.2022: In Switzerland, falling property prices were recorded in August for the first time...

Martin Langen by Martin Langen
CH
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Project postponements are to be expected

09.09.2022: In non-residential construction, the approval forecasts were only adjusted upwards by 0,1 percentage points for 2022. 2023...

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CH
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Densification in demand, but not wanted

09.09.2022: In Germany in particular, there has been a lot of talk about conversion and densification in inner cities following the new target of 400.000 new flats. But how is the issue developing in Switzerland?...

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CH
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Migration plus meets rising interest rates - What are investors doing?

09.09.2022: Immigration statistics are of crucial importance for the Swiss housing sector...

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CH
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Catch-up effects in non-residential construction expected in 2023

09.09.2022: Non-residential construction has been growing moderately in permits since 2021...

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DE
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Despite uncertainties, residential construction remains stable

09.09.2022: Housing is affected by the pandemic and war-related upheavals. Private builders...

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DE
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Price increases and cancellations weigh on mood in the construction industry

09.09.2022: The high demand for construction projects will continue to have a significant influence on the development of construction prices. Many companies...

Martin Langen by Martin Langen
DE
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German economy defies recession fears in first half-year

09.09.2022: Despite the tense economic situation, the German economy grew by +0,1 percent in the second quarter of 2022...

Martin Langen by Martin Langen
DE
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Economic barometer continues to weaken

05.08.2022: The KOF Economic Barometer continues to plummet from its all-time high in May this year. In July...

Martin Langen by Martin Langen
CH
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Non-residential construction hardly changed

Non-residential construction hardly changed

05.08.2022: B+L has revised downwards the approval forecasts for non-residential construction...

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CH
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Office demand remains stable but has changed

Office demand remains stable but has changed

05.08.2022: In the context of non-residential construction, demand for office space is particularly significant in Switzerland. There, too, the pandemic changed working habits. However, it is questionable how the post-pandemic period will now affect these habits.

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CH
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Property prices continue to rise regardless

05.08.2022: The high hurdles to buying a house or flat in Switzerland were already highlighted in the previous...

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CH
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Investors hold back despite partial housing shortage

Investors hold back despite partial housing shortage

05.08.2022: The latest Credit Suisse studies forecast economic growth of...

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CH
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Non-residential construction forecasts slightly weaker

05.08.2022: The forecast for building permits in non-residential construction is lowered...

Robin Huth by Robin Huth
AT
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No reason for confidence despite full order books?

05.08.2022: The outlook in the leading construction sector has deteriorated slightly...

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Construction industry defies overall economic development

05.08.2022: Economic momentum in Austria cooled down considerably in July...

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AT
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What does the rise in interest rates mean for housing construction?

What does the rise in interest rates mean for housing construction?

04.08.2022: After years of zero and negative interest rate policies by the ECB, it has now happened in the face of inflation: The central bank raised the key interest rate to 0,5%. This change came...

Martin Langen by Martin Langen
DE
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Single-family home permits soften

04.08.2022: In May 2022, 28.060 residential units were approved in Germany, 3,3% fewer than in the same month last year. If one adds...

Martin Langen by Martin Langen
DE
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Renovation more important than ever

Renovation more important than ever

04.08.2022: Due to the gas shortage, German federal minister for economic affairs and climate action Robert Habeck recently...

Martin Langen by Martin Langen
DE
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Non-residential construction inhibited in 2022

04.08.2022: Permits in non-residential construction were only revised downwards by 0,6 percentage points for 2022. Thus, the decline...

Martin Langen by Martin Langen
DE
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Sentiment dark, but current situation good

04.08.2022: Business reactions to a looming gas shortage and possible austerity plans that could result in a cutback in production are increasingly leading to fears of recession in Germany. At 88,6 points, the Ifo Business Climate Index lost...

Martin Langen by Martin Langen
DE
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Non-residential construction forecasts remain unchanged

11.07.2022: The outlook for non-residential construction has not improved...

Robin Huth by Robin Huth
AT
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No change in residential development

11.07.2022: The B+L forecasts for the development of permits for residential buildings remain unchanged compared to the last edition of the MMB 06/2022...

Robin Huth by Robin Huth
AT
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Price increases in the construction sector

11.07.2022: The Association of Industrial Construction Companies of Austria (VIBÖ) appeals to the industry not to exacerbate the current tense price situation through...

Robin Huth by Robin Huth
AT
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Workers in the construction industry in demand as never before

11.07.2022: Automation and digitalisation, new working methods and digital communication are changing job profiles in the construction industry...

Robin Huth by Robin Huth
AT
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Economy grows despite Ukraine war

11.07.2022: Inflation is expected to reach 7,0% in 2022, 4,2% in 2023 and 3,0% in 2024, which is comparable to the development...

Robin Huth by Robin Huth
AT
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Business situation remains at a high level

11.07.2022: The Swiss business situation rises to a new annual high in June...

Martin Langen by Martin Langen
CH
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More companies want to invest

11.07.2022: The KOF's semi-annual investment survey shows the investment expectations of Swiss companies in...

Martin Langen by Martin Langen
CH
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Green Deal 2.0 in Switzerland?

11.07.2022: In the course of the Green Deal, the European Union had clearly defined the upcoming goals until 2050...

Martin Langen by Martin Langen
CH
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Swiss residential construction gives way in 2023 and 2024

11.07.2022: The B+L forecasts for Swiss residential construction remain unchanged this month...

Martin Langen by Martin Langen
CH
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Business climate softens slightly

05.07.2022: The ifo Business Climate Index fell slightly in June by 0,7 points to...

Martin Langen by Martin Langen
DE
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Medium-term end of the real estate boom?

05.07.2022: Residential property prices in Germany have risen by a double-digit rate for the fourth quarter in a row. For the first quarter, the Federal Statistical Office...

Martin Langen by Martin Langen
DE
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Non-residential construction forecasts remain unchanged

05.07.2022: The year 2022 remains characterised by restraint. Instead of a growth forecast, one must assume a decline in non-residential building permits of...

Martin Langen by Martin Langen
DE
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Residential building permits unchanged, completions improved

05.07.2022: Our forecasts for residential building permits were not corrected this month...

Martin Langen by Martin Langen
DE
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Voices from the construction industry are showing increasing concern, but is this exaggerated?!

05.07.2022: In April 2022, according to Destatis, new orders in the construction industry declined by...

Martin Langen by Martin Langen
DE
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Corporate insolvencies reach pre-crisis level

13.06.2022: The number of insolvent companies in Austria has returned to pre-crisis levels. In the first quarter of 2022...

Robin Huth by Robin Huth
AT
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Non-residential construction focuses on renovations

13.06.2022: In the new construction of non-residential buildings, the weak demand for...

Robin Huth by Robin Huth
AT
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Central demand of the construction industry to be implemented

Central demand of the construction industry to be implemented

13.06.2022: A central demand of the construction industry in recent months to relieve companies of high energy costs will most likely be implemented: the CO2 pricing will be postponed...

Robin Huth by Robin Huth
AT
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Austrian economy remains confident despite increased shortage of materials

Austrian economy remains confident despite increased shortage of materials

13.06.2022: The Austrian economy as a whole was able to carry the momentum from the previous year into the current year...

Robin Huth by Robin Huth
AT
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Home ownership shows different price trends

Home ownership shows different price trends

13.06.2022: In the 1st quarter of 2022, property prices fell by 0,4%. The IMPI index now stands at 110.3 points. Compared to the same quarter...

Martin Langen by Martin Langen
CH
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Companies show slight restraint

Companies show slight restraint

13.06.2022: Non-residential construction has stabilised again after the declines in 2020...

Martin Langen by Martin Langen
CH
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Housing gives way

13.06.2022: Compared to Germany, price effects in Switzerland have played only a minor role so far. It should be noted that...

Martin Langen by Martin Langen
CH
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Business situation at record high, economic barometer slips

Business situation at record high, economic barometer slips

13.06.2022: While initial downward adjustments have already been made to GDP forecasts in many European countries as a result of the Ukraine crisis, Switzerland...

Martin Langen by Martin Langen
CH
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German economy shows robustness, construction industry with ambivalent mood picture

07.06.2022: The Flash Germany PMI Composite Index for the manufacturing sector was 54,6 in May 2022, while the industrial sector posted a reading of 54,7. These two economic sectors thus...

Martin Langen by Martin Langen
DE
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Non-residential building permits soften

Non-residential building permits soften

07.06.2022: The forecasts for non-residential construction are similar to those for residential construction. 2022 will be characterised by restraint. Instead of a growth forecast, we have to...

Martin Langen by Martin Langen
DE
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Permits further subdued, completions corrected retroactively

07.06.2022: The B+L housing construction forecasts were only corrected for 2022. Instead of -3,6%, permits are now expected to fall by -3,9%. Compared to 2021, this is nominally about 13.100 fewer residential building permits. 2022 and 2023 remain...

Martin Langen by Martin Langen
DE
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10 points paper on 400.000 dwellings

10 points paper on 400.000 dwellings

07.06.2022: After the back and forth on KfW subsidies, the target of 400.000 flats was again discussed in detail. B+L had already...

Martin Langen by Martin Langen
DE
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KOF reports improvement, but construction sector continues to weaken

09.05.2022: The KOF Economic Barometer rose by 2.5 points in April after briefly dropping below the 100-point mark. At 101.7 points, the outlook is...

Jens Wehenkel by Jens Wehenkel
CH
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Demand for owner-occupied homes remains high, but beware!

09.05.2022: It is not only in Germany that it is becoming increasingly apparent that owning a home is becoming a luxury good...

Jens Wehenkel by Jens Wehenkel
CH
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Non-residential building permits almost unchanged

09.05.2022: The permits for non-residential construction were only slightly corrected compared to the last Market Briefing...

Jens Wehenkel by Jens Wehenkel
CH
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Residential building stable in 2022

09.05.2022: This month, housing forecasts in 2022 were revised slightly downwards...

Jens Wehenkel by Jens Wehenkel
CH
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What happens to the interest?

09.05.2022: Interest rates are an important driver for the construction industry in particular. After years of zero interest rate policy...

Jens Wehenkel by Jens Wehenkel
CH
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Retroactive changes in building permits from Statistics Austria

09.05.2022:

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AT
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Non-residential construction developed better than expected

09.05.2022: Austrian companies are also affected by the end of Russian gas...

Jens Wehenkel by Jens Wehenkel
AT
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Good mood meets entrepreneurial uncertainty

09.05.2022: The mood in the Austrian construction industry is still at an enormously high level, which is confirmed by the WIFO surveys...

Jens Wehenkel by Jens Wehenkel
AT
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Renewed improvement in sentiment

09.05.2022: The assessment of the overall economic situation among Austrian companies has improved for the fourth month...

Jens Wehenkel by Jens Wehenkel
AT
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Business climate: sentiment in the construction industry declines

03.05.2022: In the April survey of the ifo Institute, the business climate stabilised at 91,8 points...

Jens Wehenkel by Jens Wehenkel
DE
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Non-residential construction also deteriorating

03.05.2022: Furthermore, it is not only residential construction that has come under pressure due to this tense situation. In non-residential construction...

Jens Wehenkel by Jens Wehenkel
DE
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Corporate insolvencies on the rise

03.05.2022: In March 2022, according to Destatis, the number of filed regular insolvencies, a leading indicator for final corporate insolvencies...

Martin Langen by Martin Langen
DE
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Housing forecasts adjusted

03.05.2022: Taking into account the current situation (funding freeze, interest rate hikes, embargoes, price increases, shortages and economic gloom), B+L...

Jens Wehenkel by Jens Wehenkel
DE
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Federal government only wants to promote sustainable building and renovations

03.05.2022: No sooner will there be funding from the “Kreditanstalt für Wiederaufbau” again, as it has already been exhausted...

Jens Wehenkel by Jens Wehenkel
DE
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Reversal of the trend in non-residential construction in the medium term

11.04.2022: For 2022, B+L forecasts the peak of permitted square metres in non-residential construction at just under...

Jens Wehenkel by Jens Wehenkel
AT
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Considerable market uncertainties due to Ukraine crisis

11.04.2022: The already tense situation on the raw materials market has become even more acute...

Jens Wehenkel by Jens Wehenkel
AT
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Mood in the construction industry remains good

11.04.2022: While the assessment of the overall economy increased slightly despite the Ukraine crisis, the construction industry...

Jens Wehenkel by Jens Wehenkel
AT
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A new wave of refugees?

11.04.2022: Since the beginning of Russia's attack, about...

Jens Wehenkel by Jens Wehenkel
AT
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What value do investors attach to sustainability criteria?

What value do investors attach to sustainability criteria?

11.04.2022: A survey of 237 Swiss real estate investors shows which sustainability factors have an influence on the market value of real estate. Overall, it can be seen that...

Martin Langen by Martin Langen
CH
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Non-residential constructions almost unaffected by Ukraine war

11.04.2022: Non-residential construction in Switzerland is revised slightly downwards in 2022 and 2023...

Martin Langen by Martin Langen
CH
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Swiss residential construction remains unchanged

Swiss residential construction remains unchanged

11.04.2022: With price-adjusted growth at 2,3%, the construction industry was able to achieve a positive annual result...

Martin Langen by Martin Langen
CH
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Swiss economy remains stable

Swiss economy remains stable

11.04.2022: According to the current KOF economic forecast, the Swiss economy will also be negatively affected by the war in Ukraine...

Martin Langen by Martin Langen
CH
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Property prices continue to rise - warnings of bubble formation grow louder

Property prices continue to rise - warnings of bubble formation grow louder

07.04.2022: The dynamic price development for houses and flats continued in the 4th quarter of 2021. Prices were...

Martin Langen by Martin Langen
DE
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Rising commodity prices dampen economic development

07.04.2022: In the spring forecast of the ifo Institute, a clear tension in the German economy became apparent, especially with regard to the Russian-Ukrainian war. According to the baseline scenario...

Martin Langen by Martin Langen
DE
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Non-residential construction largely unchanged positive

07.04.2022: The positive development in German non-residential construction can also be maintained in March. Despite re-emerging...

Martin Langen by Martin Langen
DE
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December 2021 improves annual result in residential construction

December 2021 improves annual result in residential construction

07.04.2022: This month, the forecasts were extended to include the year 2024. In residential construction for 2021, there was also an...

Martin Langen by Martin Langen
DE
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Sufficient building land for all?

Sufficient building land for all?

07.04.2022: If the traffic light coalition (SPD, Greens, FDP) wants to build 400.000 new flats per year, sufficient building land must be available. For a long time it was questionable whether...

Martin Langen by Martin Langen
DE
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Price increases also affect the construction industry

07.04.2022: In an evaluation, the German Construction Industry Association comments on the effects of the Ukraine war on the German construction industry. In order to capture a current mood among construction companies, 451 people were surveyed. Of these...

Martin Langen by Martin Langen
DE
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Building with a holiday feeling

07.03.2022: In the future, the construction of holiday homes could be worthwhile, especially because holiday homes used for tourism...

Jens Wehenkel by Jens Wehenkel
CH
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Focus on renovation: Revision of the CO2 Act

07.03.2022: At the end of 2021, the Federal Council started the legislative process for the revised CO2 Act for the years 2025-2030...

Jens Wehenkel by Jens Wehenkel
CH
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Positive outlook for the construction industry

07.03.2022: After a slight decline in the CH construction index in the first quarter of 2022 - a decline in turnover of...

Jens Wehenkel by Jens Wehenkel
CH
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Economic situation stable

07.03.2022: The level of the KOF Business Cycle Barometer fell slightly to 105 points in February 2022...

Martin Langen by Martin Langen
CH
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Residential building permits on the upswing in Q4 2021

07.03.2022: The positive trend reversal in permits that began in the third quarter continued in Q4...

Martin Langen by Martin Langen
CH
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Effects of the Ukraine crisis

07.03.2022: It is not yet possible to foresee what impact the war will have on Central Europe and Switzerland...

Martin Langen by Martin Langen
CH
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Economic expectations on the rise

07.03.2022: In February, the mood among Austrian companies improved. The WIFO business climate index increased...

Jens Wehenkel by Jens Wehenkel
AT
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Relaxation in building material costs?

07.03.2022: Driven by strong construction demand, the cost of building materials was at a high level in 2021...

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AT
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Non-residential construction stable

07.03.2022: The positive situation in non-residential construction described in MMB 02/2022 can be confirmed for 2021...

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AT
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Excess demand largely reduced

07.03.2022: Construction output in Austria in 2022 will again be above the pre-crisis level of 2019...

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AT
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Construction industry in the triple-digit billion range for the first time

07.03.2022: The approximately 9.400 establishments of companies with 20 or more employees were able to increase output to a new high of...

Martin Langen by Martin Langen
DE
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Also effects on non-residential construction

07.03.2022: The current wave of refugees and the resulting increase in population is also having an impact on non-residential construction. The last waves of immigration have shown...

Martin Langen by Martin Langen
DE
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Peak in housing demand shifts

07.03.2022: As mentioned in the introduction, the new wave of refugees is expected to increase the...

Martin Langen by Martin Langen
DE
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Effects of the Ukraine crisis

07.03.2022: It is not yet possible to predict what impact the war will have on the German construction supply market. It seems...

Martin Langen by Martin Langen
DE
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High employment stabilises housing - Google Trends soften

High employment stabilises housing - Google Trends soften

09.02.2022: According to the IMF, the Swiss unemployment rate averaged 3,1% in 2021. It thus remained at a very low level...

Martin Langen by Martin Langen
CH
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Capital buffers in Switzerland are reactivated

Capital buffers in Switzerland are reactivated

09.02.2022: For several months now, the Swiss National Bank (SNB) has repeatedly expressed caution about a possible increase in the countercyclical capital buffer...

Martin Langen by Martin Langen
CH
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Economy stable with slight increases

09.02.2022: The outlook for the Swiss economy remains above average and is at a significantly higher level than in January last year...

Martin Langen by Martin Langen
CH
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Residential construction boom loses momentum

Residential construction boom loses momentum

09.02.2022: New housing construction in Austria has largely been able to adapt to the strongly increased demand for housing (immigration) in recent years. The...

Robin Huth by Robin Huth
AT
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Non-residential construction loses momentum in the medium term

Non-residential construction loses momentum in the medium term

09.02.2022: In non-residential construction, the loss year 2020 could be quickly offset in the course of 2021...

Robin Huth by Robin Huth
AT
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Economic situation stabilises, construction industry optimistic

09.02.2022: Austria's companies assess the current situation more positively than in the previous month...

Robin Huth by Robin Huth
AT
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German economy is optimistic

08.02.2022: After six months of continuous declines, the ifo Business Climate Index rose in January 2022 for the first time since June 2021. After...

Jens Wehenkel by Jens Wehenkel
DE
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High-quality offices remain in demand

High-quality offices remain in demand

08.02.2022: According to the major German brokerage houses, office lettings could increase by +20% for the full year in 2021. However, it...

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DE
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And in the meantime... funding stop!

07.02.2022: In the face of the discussion on how to build 400.000 flats in the future, a measure was taken by the Ministry of Economic Affairs...

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DE
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Nothing concrete on the housing target

07.02.2022: An important issue for the coalition of SPD, Bündnis 90/Die Grünen an FDP (“Ampel”) was housing. The "persistent" housing shortage, coupled with rising, or at least too high, rents in the inner cities prompted the new government...

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DE
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Business barometer unchanged

14.01.2022: In December 2021, the KOF Economic Barometer shows only minor changes...

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CH
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Office construction weakens, how will it be in 2022?

14.01.2022: Office construction in Switzerland is the only segment of non-residential construction that recorded a decline...

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CH
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Curve points upwards

14.01.2022: The non-residential construction sectors developed differently in 2021...

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CH
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Residential construction improved in 2021 and 2022

14.01.2022: After the sharp decline in approvals of rental flats by...

Jens Wehenkel by Jens Wehenkel
CH
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Non-residential construction stronger than expected

12.01.2022: In non-residential construction, the results for 2021 will be even better than expected...

Jens Wehenkel by Jens Wehenkel
AT
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Recovery of the Austrian economy delayed

10.01.2022: Towards the end of 2021, the mood in the Austrian economy has deteriorated further...

Jens Wehenkel by Jens Wehenkel
AT
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Permits stagnate, residential construction activity cools down

10.01.2022: Residential building permits for 2021 have been revised downwards somewhat. Instead of growth of...

Jens Wehenkel by Jens Wehenkel
AT
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Sentiment remains at a high level

10.01.2022: The ifo Business Climate Index falls by 1,9 points to 94,7 points. Those responsible in the companies...

Jens Wehenkel by Jens Wehenkel
DE
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Prices for residential real estate rose again

10.01.2022: In the 3rd quarter of 2021, prices for residential property in Germany again rose by...

Jens Wehenkel by Jens Wehenkel
DE
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Non-residential construction faces growth year 2022

10.01.2022: In non-residential construction as a whole, a minus...

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DE
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Residential construction remains crisis-proof, vacancy rates point to trend reversal

10.01.2022: Ultimately, looking back at 2021, it is once again evident that residential construction is a crisis-proof mainstay of the German construction industry...

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DE
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Building associations are positive about 2022

10.01.2022: The presidents of the two largest German construction associations have taken stock of the year 2021 and provide an outlook into 2022...

Jens Wehenkel by Jens Wehenkel
DE
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German business sentiment worsens, slight decline in construction industry

06.12.2021: The ifo Business Climate Index deteriorated in November from 97,7 to 96,5 points. Increasing...

Jens Wehenkel by Jens Wehenkel
DE
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Non-residential construction corrected strongly upwards

06.12.2021: In the context of commercial real estate in Germany, an interesting picture emerges when looking at investments from the 1st to the 3rd quarter...

Jens Wehenkel by Jens Wehenkel
DE
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Inflation worries savers and drives property demand

06.12.2021: In recent months, the monthly consumer price index figures have been making big waves. In November 2021, the index is also provisionally 5,2% year-on-year...

Jens Wehenkel by Jens Wehenkel
DE
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Coalition agreement envisages 400.000 flats per year, is that possible?!

06.12.2021: The coalition agreement of the new federal government takes up the topic of housing construction as a central point. The paper states that 400.000 new flats are to be built per year, 100.000 of them publicly funded...

Jens Wehenkel by Jens Wehenkel
DE
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