| But we have an aging population; so if you want to keep the production capacity of Germany stable, you need to get more than 3 million families into Germany in the next 10 or 15 years. This prognosis is not included in any housing forecast. And 3 million more apartments in 10 years, this would mean that we have to double our construction capacity, which is very good news for Donnie Liddell [ph] and our development business, but it's very bad news for the hope of people that imbalance between supply and demand in Germany will be covered. What is behind there is actually if somebody gets retired, he's still occupying an apartment, but he's not working anymore. |
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