German home approvals highest in 9 years

[BERLIN] Approvals to build homes in Germany rose by 13.5 per cent in the first nine months of this year compared to the same period in 2012, hitting their highest level since 2004, data showed on Tuesday.

Low interest rates combined with fears of inflation and the eurozone crisis have encouraged people to put their money into property rather than financial assets, boosting house building in Germany. A robust job market is also lifting demand.

German authorities issued 202,100 house building permits from January to September, some 24,000 more than in the same period a year earlier, the Federal Statistics Office data showed.