Rent cost in Lower Saxony region
In recent news, several significant developments are taking place in the real estate sector across Germany.
Firstly, the rent brake law in Lower Saxony has been extended until the end of 2029, following the federal government's extension in June. This law, which applies to 57 municipalities including Hannover, Braunschweig, Wolfsburg, Oldenburg, Osnabrück, Lüneburg, Göttingen, Borkum, Norderney, and Wangerooge, ensures that the rent for re-letting an apartment cannot exceed the local comparative rent by more than ten percent. Minister of Housing Grant Hendrik Tonne (SPD) stated that the extension is urgently necessary due to the housing shortage.
Meanwhile, the city of Hamburg is experiencing a rise in housing development. The focus of the increase in building permits in Hamburg is on residential projects, with the number of permits significantly increasing. This surge in housing construction is contributing to the city's growth, particularly in the new city quarter being built in Potsdam.
The new city quarter in Potsdam, designed for 10,000 people, is intended for residential purposes. Modernization work is currently underway on a structure known as the "Snake" in another part of the city, but this project does not seem to be directly related to the housing boom.
In a separate development, the architecture icon is undergoing a facelift, but no further details about the location or nature of the project have been disclosed.
These developments highlight a growing focus on housing construction and affordability across Germany, with both Lower Saxony and Hamburg taking steps to address the housing shortage and meet the needs of their growing populations.
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