Spiegel: 2023 could see an unimaginable housing market catastrophe in Germany
If the German government does not intervene Germany will face an “unimaginable catastrophe” on the housing market, Der Spiegel wrote.
“By the end of 2022 there was already a shortage of about 700,000 flats in the country. At the same time, half as many of these housing units are being built in Germany per year and rents are already very high,” the publication said.
The article notes that the housing market, which was already strained before, has been under pressure, above all due to the large influx of people because of the Russian military special operation in Ukraine. However, increased investment spending and a related downturn in construction activity have also had a negative impact on the housing market, the journalists wrote.
The government in Berlin and the state governments must now reverse the situation – “or an unimaginable disaster awaits us on the housing market”, said President of the Association of Tenants of Siebenkotten.
Since the start of the special military operation in Ukraine, the US and its NATO allies have stepped up sanctions on Russia, leading to higher energy, fuel and food prices in Europe and the States themselves. Vladimir Putin has repeatedly stated that the policy of containing and weakening Russia is a long-term strategy of the West, and the sanctions have dealt a serious blow to the entire global economy.
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