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European housing construction up to 2010 - crisis in the west and boom in the eastSelected results of the Euroconstruct summer conference 2008

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  • Ludwig Dorffmeister

Abstract

After the bursting of the American bubble in real-estate prices last summer and the various resulting economic repercussions - not only for the domestic economy but also for the international financial markets and for global economic activity - the construction industry in Europe has now been severely affected, plunging especially European home building into a deep crisis. Increased mortgage interest rates, tighter credit conditions and falling house prices have led to a perceptible decline in home construction demand in many places. Especially the construction of new apartment buildings is likely to shrink by around 8 percent in 2008 - a decline of this order of magnitude has not been observed since the beginning of the 1990s. The effects on far-ranging sectors linked with housing construction will be serious.

Suggested Citation

  • Ludwig Dorffmeister, 2008. "European housing construction up to 2010 - crisis in the west and boom in the eastSelected results of the Euroconstruct summer conference 2008," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 61(14), pages 36-43, July.
    • Handle: RePEc:ces:ifosdt:v:61:y:2008:i:14:p:36-43
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    File URL: https://www.ifo.de/DocDL/ifosd_2008_14_5.pdf
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    References listed on IDEAS

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    1. Ludwig Dorffmeister, 2008. "Financial crisis retards growth in the European construction industrySelected results of the Euroconstruct summer conference 2008," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 61(13), pages 27-32, July.
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      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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