The ZIA welcomes the initiative by Federal Minister for Housing, Urban Development and Building, Verena Hubertz, and Federal Minister of Finance, Lars Klingbeil, for a direct dialogue between investors, the real estate industry, associations, and authorities within the X8 BauDialog. In view of the strained market situation, this exchange is considered essential to stimulate investments again, particularly in the housing segment. Iris Schöberl, President of the ZIA, highlights that the current crisis in German housing construction has both cyclical and structural causes.
Significant private investment is required for the urgently needed new residential construction. However, investors are currently hesitant. The reasons for this include difficult financing conditions, regulatory uncertainties, rising costs, and sometimes lengthy approval procedures. Without internationally competitive framework conditions, it will not be possible to mobilise the necessary private funds. Iris Schöberl points out that restricted financing conditions and a lack of equity capital present significant hurdles for many projects.
Proposals for a 'Financial Turbo' and Framework Conditions
The ZIA proposes a 'Financial Turbo' designed to operate through equity-replacing measures such as state guarantees, warranties, or subsidies. These instruments could reduce financing hurdles for project developers, investors, and private households alike. For project developers, this would facilitate the implementation of economically viable projects and attract additional private capital. For private households, it would ease access to loans and thus the acquisition of residential property.
In addition, the ZIA calls for improved and reliable depreciation conditions to make investments attractive and release additional liquidity. The resulting additional tax revenues from VAT and employment effects would compensate for the fiscal impact of depreciation in the medium term. Furthermore, the ZIA considers the framework conditions for property acquisition to be crucial. Homeownership is seen as a basis for wealth creation and retirement provision, as well as an important building block for the economic advancement of many people. Therefore, the ZIA advocates for a significant reduction in the real estate transfer tax or its suspension for first-time buyers of residential property and private landlords.
Criticism of Nationalisation Debates
The ZIA particularly criticises the debate surrounding nationalisation and expropriation. Schöberl stresses that such discussions stifle the urgently needed investments in housing construction. A lack of clear positioning by the Federal Government on this issue counteracts the purpose of any investor conference. The ZIA takes the view that investments must be enabled, not fought, to create living space. The Federal Government is urged to take measures that sustainably protect investments in the housing market.
