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Renewed decline in owner-occupied houses dampens new residential construction in Europe – Results of the Euroconstruct Winter Conference 2004

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  • Volker Rußig

Abstract

The number of completed new housing units in Europe rose in 2004 by approximately 50,000 to somewhat more than 2.2 million units. For the current year, the Euroconstruct institutes (of which the Ifo Institute is the German partner) expect a further slight increase. After that new housing completions will drop up to 2007 to the level of 2003 (ca. 2.15 million units). This will be caused by the downward trend in house construction that will begin in 2005. In contrast, the completions of flats in multi-storey buildings will rise this year and only sink slightly thereafter. Volume in European new residential construction will grow only slightly this year after a strong rise in 2004(nearly 4.5%), and will decline in the two following years (-1.5% in both years). The development of total residential construction will receive a damper from the weak volume of new residential construction, which will only be partly compensated by the continuously expanding renovation of old buildings. The stock of residential units will continue to increases in all European countries. In the Euroconstruct area an increase of more than 3.5% is expected up to 2007. A saturation of the home building market in Europe is not evident.

Suggested Citation

  • Volker Rußig, 2005. "Renewed decline in owner-occupied houses dampens new residential construction in Europe – Results of the Euroconstruct Winter Conference 2004," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 58(02), pages 30-38, January.
    • Handle: RePEc:ces:ifosdt:v:58:y:2005:i:02:p:30-38
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    References listed on IDEAS

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    1. Volker Rußig & André Scharmanski, 2004. "Housing prices in Europe: continuing upward trend with marked regional differences," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 57(11), pages 30-36, June.
    2. Volker Rußig, 2004. "Housing construction in Europe: a renewed decline after a short recovery," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 57(13), pages 22-28, July.
    3. Volker Rußig, 2004. "Allmähliche Erholung in Europas Bauwirtschaft," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 57(15), pages 22-29, August.
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    Cited by:

    1. Volker Rußig, 2005. "Germany retards the upswing of Europe’s construction industry – selected results of the Euroconstruct 2005 summer conference," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 58(14), pages 39-45, July.

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    1. Volker Rußig, 2004. "Allmähliche Erholung in Europas Bauwirtschaft," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 57(15), pages 22-29, August.
    2. Volker Rußig, 2005. "Germany retards the upswing of Europe’s construction industry – selected results of the Euroconstruct 2005 summer conference," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 58(14), pages 39-45, July.
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    4. Volker Rußig & Bettina Becker, 2006. "Housing completions in Europe remain at a high level - further results of the Euroconstruct winter conference 2005," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 59(05), pages 25-34, March.
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    6. Volker Rußig, 2004. "Housing construction in Europe: a renewed decline after a short recovery," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 57(13), pages 22-28, July.

    More about this item

    JEL classification:

    • L74 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Construction
    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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