New buildings in Germany still expensive

July 10, 2023

Many construction services cost far more in May 2023 than the year before, according to the Federal Statistical Office

Anyone wanting to build a new conventional residential building in Germany still has to dig deep into their pockets: As the Federal Statistical Office (https://destatis.de) announced today (Monday), prices for this were 8.8 per cent higher in May than in May 2022. In February 2023, the previous reporting month for the statistics, prices had even increased by 15.1 per cent compared to the same month last year.

The Federal Statistical Office reports a moderate increase in construction prices: These increased by 0.8 percent in May 2023 compared to February this year. All price quotations apply to construction work on buildings, including value-added tax. Compared to May 2022, there were massive price increases for work on roofs (10.8 per cent) as well as for earthworks (9.4 per cent) and bricklaying (7.4 per cent). Concrete work was 2.8 per cent more expensive in May 2023 than in the same month last year.

In addition to construction prices, the costs for maintenance work on residential buildings (excluding cosmetic repairs) also increased in May 2023 – by 11.7 percent compared to the same month last year. New construction prices for office buildings rose by nine per cent, those for commercial business buildings by eight per cent. In road construction, prices rose by 10.5 per cent compared to May 2022.

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