Germany's residential building completions set for "dramatic slump": ZIA

BERLIN, Feb. 20 (Xinhua) -- The housing crisis in Germany shows no sign of easing as residential building completions were set for a "dramatic slump," the country's property federation (ZIA) warned on Tuesday.

With the rise in interest rates in the second quarter of 2022, all residential construction projects "almost suddenly became uneconomical," leading to a "virtual halt in residential construction," said Harald Simons, one of the authors of the report released by ZIA.