The construction sector is groaning under expensive material prices and high…

But high interest rates also hinder the construction sector and this is mainly reflected in the new construction sector. While there were almost 7,000 (6,967) building applications in West Flanders last year, there are only more than 5,000 (5,288) this year.

“We indeed hear a lot of rumors that things are not going so well, especially in project development,” says Isabel Lapeirre of Lapeirre Woningbouw. “And it is precisely the target group for which they are building that is under a lot of pressure. And, yes, we have higher interest rates, in combination with a general increase in construction costs, and those people do not have enough budget to buy.”