REUTERS/Kai Pfaffenbach/File PhotoFRANKFURT, July 27 (Reuters) - New construction plunged in Germany during the first half of the year, data on Thursday showed, the latest sign of stress in the property market of Europe's largest economy.
The data underscore a steep rut that dominates the nation's real-estate sector in its worst crisis in decades.
"There's strong caution in project development," said Sven Carstensen, chief executive of Bulwiengesa.
The nation's property industry will ask the government for multi-billion euro support at a meeting with Chancellor Olaf Scholz in September, Reuters reported last week.
"The situation is dramatic," said Jan-Marco Luczak, a parliamentarian who has pushed for a property tax cut demanded by industry.
Persons:
Kai Pfaffenbach, Sven Carstensen, Chancellor Olaf Scholz, Marco Luczak, Marcus Gwechenberger, Bulwiengesa, Florian Schwalm, EY, Karim Rochdi, Tom Sims, Hugh Lawson
Organizations:
REUTERS, Bulwiengesa, Reuters, European Central Bank, Thomson
Locations:
Frankfurt, Germany, FRANKFURT, Frankfurt's