Immobilien: Baugenehmigungen steigen - kräftiges Plus seit Jahresbeginn

Germany's construction sector has seen a significant surge in building permits, with 20,600 new residential units granted approvals in August alone. This represents a 6.8 percent increase, or 1,300 more permits than the same period last year. The upward trend continues from the first half, which saw a 15 percent jump in approvals.

The permits are a key indicator for combating the housing shortage and rising rents. While the numbers are encouraging, rising energy costs due to the Iran war and increased interest rates are putting pressure on builders.

The growing number of building permits fuels hopes that the construction industry's order backlog is improving, as the Ifo Institute recently observed a better business climate in the sector. However, higher energy prices and increased interest rates are posing challenges for builders.

From January to August, 169,400 residential units received building permits in both new and existing structures, marking a 12 percent increase or 18,300 more approvals than the same period last year. In new buildings, 137,500 residential units were approved (up 12.7 percent). The number of single-family home permits rose by nearly eight percent, while the number of two-family home permits jumped by nearly one-fifth (21.7 percent).

Large apartment buildings, the most numerous type of structure, received 90,600 new residential approvals, a 14.5 percent increase compared to the previous year.

The German government aims to accelerate construction with the "Bau-Turbo" program, which offers faster permits for energy-efficient homes, with the Standard EH 55. Despite the positive trend, Germany is estimated to be short of over one million residential units compared to 2012 levels, with only 206,600 completed in the past year, an 18 percent decrease from the previous year.