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Saarland residents are demanding more living space: home ownership is on the rise!
More and more Saarlanders want to change their living situation. The article highlights current trends, buyer interest and construction financing options.
Saarland residents are demanding more living space: home ownership is on the rise!
More and more Saarlanders are currently interested in changing their living situation. A survey by the market and opinion research company You Gov, carried out on behalf of Commerzbank, shows that demands on one's own home are increasing. In particular, the desire for more living space as well as a balcony or garden has been fulfilled. While the younger generation favors the trend towards the countryside, older people tend to want to move to the city. Almost one in three people in Saarland could even imagine purchasing a property in the near future, which indicates a growing interest in home ownership.
This increase is primarily attributed to the decline in building interest rates. In Saarland, prices for new apartments have risen by almost 70 percent in the last ten years. Although there are numerous challenges in the German construction industry, the low interest rates on construction financing seem to be encouraging many Saarlanders to think about purchasing their own four walls.
Financing and grants
The most common types of financing for the purchase of real estate include classic mortgage loans, building society loans and various subsidies. The main criteria for building financing include not only favorable conditions, but also the right to special repayment and the possibility of using subsidies. Affordability appears to be the most important criterion for many interested parties.
Over 40 percent of the age group between 35 and 45 years as well as multi-person households also express interest in buying a home or building a house. Bank advisors recommend finding out about the various funding options, such as the “Home Ownership for Families” program.
The current housing situation in Germany
The reasons for the housing shortage are complex and include factors such as the energy crisis, material shortages, rising construction costs and lengthy approval processes. The federal government has set itself the goal of building 400,000 new apartments every year, of which 100,000 should be social housing. However, Federal Construction Minister Klara Geywitz (SPD) assumes that this goal will not be achievable until 2024 at the earliest.
The increasing housing needs, caused by fewer people sharing apartments and an immigration of around 1.5 million more people arriving than leaving in 2021, are making the situation even more complicated. The alliance is calling for funding for social housing to be tripled to 50 billion euros and sees digitalization and the simplification of approval and planning procedures as solutions to the problems in the construction sector.
The housing market in Saarland and throughout Germany is facing major challenges, but also new opportunities. Saarlanders are showing interest in changes to their housing situation, while at the same time the need for more affordable housing for the future is pressing.