Residential Construction in Denmark to 2020: Market Report & Forecast
The industry recovered somewhat in 2014, however, as a result of a gradual recovery in the economy and improving business confidence; the country’s construction industry posted 2.6% of growth in real terms that year.
Albany, New York, January 27, 2017: An extensive market research study by Timetric, focusing on the construction sector of Denmark has been recently added to the report offerings section of Market Research Hub (MRH). The title of the report is “Residential Construction in Denmark”, which offers precise historic & forecast market value data for the residential construction industry from the period of 2011 to 2020.
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In the first section, the report presents an overview of the construction industry and their key highlights. According to the study, the industry is expected to expand during the forecast period of 2016 to 2020, driven by improvements in investor assurance and successive public & private sector investments in residential, infrastructure & energy and utilities construction projects. With an aim to meet the rising demand for residential services in Denmark, the government is planning to invest huge amount for the betterment of residents. Recently, the municipality of Aarhus (MOA) announced plans to develop a residential project in Lisbjerg. This project involves a total investment of DKK6.7 billion (US$997.9 million) and includes the construction of 10,000 housing units, parking facilities, sidewalks and other related facilities.
The next section presents the details of residential construction by its category which includes: Single-family housing construction and multiple family housing constructions. It has been analyzed by the study that, in 2012, residential construction constituted the largest market within the construction industry which accounts for a 46.8% share of industry output in 2012. But later, slowing down of the economy which results in the financial crisis, the market has faced some issues. Also, during the year to end-Q1 2016, the price index of owner-occupied flats soared by 9.16% and in Southern Denmark, house prices increased 8.2% to an average of DKK1.25 million (US$168,260) in the same period. Additionally, the report also describes that, in spite of a decline in property prices during the past few years, the market remain much higher compared with neighboring countries.
Furthermore, the report stated that some of the regions in Denmark such as Odense, Copenhagen, Aalborg and Aarhus have noted a substantial inflow of foreign nationals. According to Statistics Denmark, the number of foreign nationals increased to 53,429 from the 4Q of 2012 to the 3Q of 2013. So, it has been a major concern for both the government and city councils who have tried to provide housing facilities to all foreign nationals. It has further resulted in a housing shortage. To overcome these issues, there are many residential construction projects which are currently in progress, such as new housing districts in Nordhavn harbour to accommodate 40,000 residents, and new residential complex in Aarhus to house 25,000 residents. Because of these factors, residential construction permits grew by 4.8% year on year to 3,894 in Q1 of 2016.
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Market Research Hub (MRH) is a next-generation reseller of research reports and analysis. MRH’s expansive collection of Market research reports has been carefully curated to help key personnel and decision makers across industry verticals.
Jan 27, 2017