The growth in population and employment described above has also meant a
rise in the demand for housing.
Demand was already fuelled by low interest
rates, positive income developments and, at least at the beginning of the current
cycle, relatively cheap prices per square metre. Accordingly, annual building
permits have almost doubled in the period since 2009 to 5,000 homes in 2013
and to around 4,600 in 2014.
However, completions are growing at much slower
pace and in recent years, have never amounted to more than 3,000 homes
(substantially less than 1% of the existing housing stock).