New residential building permits issued in Germany increased by 20 percent in 2016, according to Housing Minister Barbara Hendricks.
Hendricks believes the growth wasdue to increased state spending on social housing, high demand for real estate, increased job security and record-low borrowing costs.
"We have succeeded in initiating a turnaround in housing construction within a very short time," said Hendricks.
Residential building permits were issued for more than 380,000 residential buildings in 2016, a steady increase from the 313, 000 permit issued in 2015.
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