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Building permits for homes in the European Union (EU-27) experienced a significant decline between 2021 and 2023. In 2021, permits were approved for **** million housing units. However, by 2024, this number fell to **** million. The year when housing permits decreased the most was 2023, when housing permits were **** percent lower than the previous year. Among those approvals, nearly twice as many multifamily units were permitted compared to single-family homes.

Which country built more homes?

Despite the overall decline in EU building permits, individual countries showed varying levels of residential construction activity. Turkey had the highest number of housing units approved by building permits in 2024, with more than ** units. Poland followed with ** units. However, that was partly so because they were the largest countries in Europe. When comparing the number of construction starts of new residential properties per 1,000 citizens, Ireland led with approximately **** new residences per 1,000 citizens, while Italy had only **** new residences per 1,000 citizens.

Real estate investment outlook

The decrease in building permits aligns with shifting sentiments in the European real estate industry. According to a 2024 survey of industry experts, investment prospects for house building declined after 2022. However, the prospect score for real estate investment in 2025 increased to **** out of 5 (on a scale from 1 = poor to 5 = excellent). These trends suggest that, despite challenges in residential construction, real estate development activities may start growing again.