closing words
terms of sustainability. Many developers have already taken the opportunity to increase their level of planning to include considerations and inspirations for the circular economy, amongst other things. Assuming an improvement in the (political) situation on the Viennese housing market this year, we look forward to seeing new construction activity picking up again with gradually increasing volume towards more effective coverage of the extremely high demand for new – and especially affordable – housing. We remain cautiously optimistic for 2024 as we continue to shape the market while taking the individual needs of home seekers into account in the most effective way possible. On the whole, all the signs point to expected interest rate stability stimulating the real estate business and the Vienna housing market. We see every reason to be excited at how 2024 will actually turn out for us to prove that we are up to all the challenges it brings. We shall continue to shape the market while taking the individual needs of home seekers into account in the most effective way possible.
As we do at the end of each issue of the Residential Market Report, we at BUWOG and EHL Immobilien would like to finish this re- port by taking a brief look at what to expect on the Viennese housing market in 2024. We are living in a world of maybes, as the past few years have shown how much unfore- seeable events and developments can throw a curveball at many industries and society as a whole. In all our optimism, we still have to keep it real: the year 2024 will be another mixed year for the real estate business. It is still true that those who made good use of the past year to revise and optimise their processes, projects, and strategies have secured themselves a lead. There will be far fewer completions in 2024 than in previous years, but we will still see a transformation on the Viennese housing market, especially in adapting new building projects to changing living habits and require- ments for residential properties – particularly in
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