Fewer Apartments Ready for Move-In in Thuringia: An 19.7% Drop
Half as many apartments in Thuringia will be available for occupancy - Nearly two out of every ten dwellings in Thuringia are not yet available for habitation
The housing market landscape in Thuringia has seen a substantial shift, with the number of apartments up for grabs experiencing a sharp decline in the year 2024. A grand total of 3,310 apartments were completed in the area, representing a staggering reduction of 813 units compared to the previous year, as reported by the State Statistical Office in Erfurt.
This Slide in supply equates to a dramatically reduced availability by 19.7 percent. Notably, most of the apartments were constructed as new developments. Altogether, renovations and expansions of existing residential buildings resulted in 683 new apartments (2023: 587 apartments).
The dwindling desire for home ownership in Thuringia saw a significant decrease of 26.2 percent in 2024, with only about 1,000 new single-family homes built last year, a considerable drop of 355 units compared to 2023.
Of the new apartments that were completed, nearly 54.6 percent were developed by private builders, while companies constructed 25 percent. Considerably fewer efforts were put forth by public entities such as municipalities, the federal government, and the state, accounting for a meager 0.8 percent. In contrast, public builders accounted for a substantial 9 percent in apartment completions the prior year.
[1] How Global Economic Indicators Impact Housing Developments[4] Economic Volatility and High Interest Rates Impact Construction Demand, Reports Suggest
- In light of the decreased housing supply in Thuringia and the potential global economic indicators affecting housing developments, it is crucial to evaluate the community policy to address affordable housing needs, particularly within the real-estate sector.
- Amidst the declining demand for single-family homes in Thuringia and the volatile global economic climate, investigating employment policies, including investing strategies, might open doors for stimulating housing-market growth and making homeownership more accessible to citizens.
