Last year, the renovation market in Germany saw a significant decline due to a reluctance to invest. Most work and product sales dropped, except for heating replacements and photovoltaic system installations. However, at the beginning of 2024, positive trends started to emerge: renovation activity increased compared to the previous year, and the volume of postponed measures decreased. This is according to the new B+L Renovation Study 2024. The Bonn-based market research institute B+L believes that the German renovation market will recover in 2024.
Currently, the primary focus for clients during renovations is on financial and energy benefits. For German homeowners, saving money, such as through lower heating costs, and independence from fossil fuels or energy price fluctuations are the most important reasons for renovations. Aesthetic reasons or outdated designs have become less significant triggers for renovations.
Previously, BF and VFF reported that 209 million window units in residential buildings in Germany need to be replaced with energy-efficient ones.
Many economic indicators suggest a decline in investment by German private households in the first quarter of 2024, but B+L expects an increase in renovation activity in the coming months.
Interestingly, in 2023, nearly a third of Ukraine’s window and door exports went to Germany.
Illustration photo: Patrick Reichboth on Unsplash
The home renovation market in Germany has positive forecasts for 2024 after a weak previous year
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