Germany’s Federal Statistical Office announced on Thursday that 294,400 new apartments were built in Germany last year, a yearly decline of 0.3%. This total was far below the state’s target of 400,000 and is bad news for Germany’s struggling property sector. Over the last few years, investment in German construction has been hindered due to high interest rates, red tape, and elevated energy costs because of the Russia’s war in Ukraine. Between 2010 and 2020, the number of apartments completed annually rose from 159,800 to 306,400. Since 2021, growth has been virtually non-existent. “In the fac…