Copenhagen scaling down construction plans for new apartments – The Post

Copenhagen scaling down construction plans for new apartments

The Danish capital will have fewer new housing units this year than forecasted at the beginning of the year

By the beginning of August, only 1,300 of the 4,000 target had been completed (photo: iStock)
August 27th, 2015 12:28 pm| by Lucie Rychla
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Copenhagen will have 1,000 fewer new apartments this year than expected, reports Berlingske Business.

In March, Copenhagen Municipality announced 4,000 new apartments would be built this year as part of the capital’s long-term plan to create 45,000 new housing units by 2027.

Too optimistic plans
However, by the beginning of August, only 1,300 new apartments had been completed, and new estimates suggest the total of about 3,000 new homes will be created by the end of this year.

Despite the significant reduction, Frank Jensen, the lord mayor, insists the housing market in the capital is experiencing a ‘rapid development’.

“Although our forecast from the beginning of the year has proven to be rather optimistic, we still expect that residential construction this year will be at its highest rate since 2007,” Jensen told Berlingske.

More than last year
Even with the lowered estimate, the capital expects to construct a higher number of new residences this year than in 2014 when 2,546 new housing units were built.

Copenhagen Municipality will have to build 3,750 additional homes per year over the next 12 years to achieve its ambitious goal of having 45,000 new residences by 2027.

Meanwhile, City Hall estimates 100,000 new residents will move into the capital over the same period.