Increase in Construction Costs for New Homes in Lower Saxony in May 2024: A 2.2% Spike from May 2023
In the bustling city of Hanover, Germany, construction prices have shown a mixed picture over the past year, with some sectors experiencing price increases while others have seen decreases. Here's a breakdown of the key findings:
- Heating systems and central water heating systems prices rose by 8.8% in May 2024 compared to the same month the previous year.
- Prices for pile driving, vibrating, and pressing work saw the highest price reductions, decreasing by 4.7% compared to May 2023.
- The prices for the new construction of office buildings increased by 2.5%, while road construction prices inched up by 1.6%.
- In the residential sector, the prices in rough construction work remained relatively stable, increasing by just 0.1%, but finished work on residential buildings saw a 4.0% price increase.
- Earthwork prices in rough construction work increased by 4.4%, while carpentry work prices rose by 1.2%. However, concrete work prices saw a slight decrease of 0.6%.
- Roofing work prices in rough construction work went up by 2.1%, and the prices for cosmetic repairs in an apartment increased by 4.4%.
- Interestingly, the prices for maintenance work on residential buildings (excluding cosmetic repairs) increased by 3.8%.
- The only area where prices decreased in the finishing work sector was thermal insulation composite systems, which saw a 0.3% drop.
- The prices for new construction of commercial buildings increased by 2.4%, and insulation and fire protection work on technical facilities prices surged by 11.4%.
- Plumbing work prices in rough construction work also rose by 3.2%.
Despite extensive online searches, no authoritative data was found to provide a comprehensive overview of construction price trends in Hanover for the specified period or sectors. For detailed construction price indices and specific changes in service costs, specialized regional construction cost reports or databases from German construction industry associations, local chambers of commerce, or statistical offices would need to be consulted.
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- In the broad spectrum of Hanover's construction industry, it was noted that finance associated with commercial building construction experienced an increase of 2.4%, as seen in the new construction of commercial buildings.
- While comprehensive data on overall construction price trends in Hanover's finance sector for the specified period could not be found online, consultation of specialized regional construction cost reports or databases from German construction industry associations, local chambers of commerce, or statistical offices would likely offer valuable insights.
