End of Free Money Plunges German Construction Industry into Crisis

October 17, 2023

by Wolf Richter Wolf Street

A black swan of sorts no one was ready for: Negative interest rates turned positive, and all heck broke loose in the property development sector.

We just got back from vacation in Franconia, Germany, where we wanted to taste the local culinary specialties and different beers, do some hiking, and do a lot of walking around the charming historic towns with their half-timbered buildings, some of them 500-plus years old, sandstone castles, and magnificent cathedrals.