HHas the long phase with low construction interest given us a false sense of security? Reiner Braun, CEO of the Berlin market research company Empirica, has increasing suspicions. Because actually everything to do with real estate has become more and more expensive for years, he says – the costs for building materials, energy efficiency and skilled workers have continued to rise. “However, the low interest rates have concealed these rising costs,” says the housing market economist. Just because you could get a mortgage loan from the bank for almost any purchase price didn’t attract attention.
Financing has not been available at a near-zero rate for a good year now. And the camouflage of the real real estate costs has been blown: sellers are disappointed, buyers are unsettled. And prices are falling.