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Continuing decline in housing completions in Europe

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  • Volker Rußig

Abstract

The 54th EUROCONSTRUCT conference was held in Munich on 5-6 December 2002. The participants were informed that new residential construction has been in a sharp downward trend in Europe since 1999. The number of housing completions in newly constructed residential buildings sank to approximately 1.98 million units. A further decline is forecast for 2003 and this will continue until 2005 (with a low of approximately 1.93 million units). The residential construction intensity will fall to 4.3 units per 1000 inhabitants by 2005; in 1999 it was 4.6 units per 1000 inhabitants. This drop in European residential construction is mostly attributable to Western Europe; especially Germany, Ireland and Spain will show strong declines. There are great differences in Europe property ownership rates with values ranging from about 40% (Switzerland and Germany) to over 80% (Spain, Hungary). The continuing great heterogeneity of the European residential (construction) market is illustrated by the differences in the relative importance of the self-used residential property.

Suggested Citation

  • Volker Rußig, 2003. "Continuing decline in housing completions in Europe," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 56(02), pages 11-19, January.
    • Handle: RePEc:ces:ifosdt:v:56:y:2003:i:02:p:11-19
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    References listed on IDEAS

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    1. Hans-Werner Sinn, 2002. "The red tail light - The reasons for Germany's weak growth and the necessary reforms," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 55(23), pages 3-32, December.
    2. Volker Rußig, 2002. "New Residential Construction in Europe: Bottoming Out in 2002. Selected Results of the EUROCONSTRUCT Summer Conference 2002 in Dublin," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 55(13), pages 25-32, July.
    3. Erich Gluch, 2002. "Business climate clearly worsened," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 55(22), pages 43-44, November.
    4. Volker Rußig, 2002. "Building Activity in Europe: Following the Lull, Markedly Higher Growth Contributions Again," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 55(14), pages 27-36, July.
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    1. Volker Rußig, 2003. "Housing completions in Europe to 2005: downward trend continues," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 56(15), pages 15-21, August.
    2. Gert G. Wagner, 2003. "Flat-rate premiums the best way to implement a citizens' insurance," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 56(17), pages 3-6, September.
    3. Volker Rußig, 2003. "Construction activity in Europe: Anxiously awaited upswing Further results of the 54th EUROCONSTRUCT winter conference 2002," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 56(03), pages 11-22, February.
    4. Volker Rußig, 2003. "Construction industry in Europe: Increasing production only in the medium term," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 56(17), pages 15-21, September.
    5. Manfred C. Hettlage, 2003. "Looking Beyond the Next Round of Wage Negotiations - The Concealed Wage Increases," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 56(15), pages 3-6, August.

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    More about this item

    JEL classification:

    • L74 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Construction

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