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Real estate: many developers forced to close their doors
Real estate: many developers forced to close their doors
(France 2)
The construction sector is experiencing a real collapse. Building permits fell by 20% in one year, and bankruptcies among developers increased by 34%.
No windows, no doors. The construction site on Camille Riou’s house has been at a standstill for more than a year. In March 2023, the developer declared bankruptcy. Since then, work has been at a standstill. She paid 80,000 euros, but her house is far from finished. For the moment, there is no certainty about insurance coverage. In total, five families live here in uncertainty.
300,000 jobs threatened
In construction, bankruptcies among developers jumped 34% in one year. Heavyweights in the sector are cutting jobs, such as Bouygues, Vinci and Nexity. The cause is a 20% drop in building permits in one year. Loans are more difficult to obtain for individuals because of high interest rates, and construction aid has been reduced. According to the French Building Federation, 300,000 jobs are threatened.
