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New Zealand Low-Rise Apartment Design & Construction Industry Analysis
The Low-Rise Residential Apartment Buildings construction projects industry in New Zealand has been thriving in recent years. The demand for affordable housing has led to an increase in the construction of low-rise apartment buildings. In this analysis, we will delve into the current scenario of the industry, the factors contributing to its growth, and the outlook for the future.
Current Scenario:
The Low-Rise Residential Apartment Buildings construction projects industry has been on an upward trajectory in New Zealand in recent years. According to a report by the Ministry of Business, Innovation, and Employment, the number of apartment building consents issued in New Zealand has been increasing since 2014, with a significant surge in 2018. In 2020, the number of apartment building consents issued was 7,365, up by 6.5% from the previous year.
One of the reasons for this increase in demand for low-rise apartments is due to the housing shortage in New Zealand. The demand for affordable housing in urban areas has led to an increase in the construction of low-rise apartments. Many young professionals and families are looking for affordable options that are close to the city center, and low-rise apartments provide an ideal solution.
Another factor contributing to the growth of the industry is the favorable lending conditions provided by the government. In 2020, the government announced a USD 3.8 billion housing acceleration fund to speed up the construction of new houses, including apartments, in urban areas. The fund aims to provide access to financing for developers and builders to undertake large-scale projects.
Outlook:
The outlook for the Low-Rise Residential Apartment Buildings construction projects industry in New Zealand is positive. The demand for affordable housing is expected to continue to grow, and the government has plans to increase the supply of housing to meet this demand. The government has set a target to build 100,000 affordable homes over the next decade, and low-rise apartments are expected to play a significant role in achieving this target.
Additionally, the government's commitment to investing in infrastructure and transportation will increase the attractiveness of living in urban areas, further fueling the demand for low-rise apartments. The government has allocated USD 6.8 billion towards infrastructure and USD 28 billion towards transport over the next decade, providing a conducive environment for developers and builders to undertake large-scale projects.
In conclusion, the Low-Rise Residential Apartment Buildings construction projects industry in New Zealand is poised for growth in the coming years. The demand for affordable housing and the government's commitment to investing in infrastructure and housing supply will provide opportunities for developers and builders to undertake large-scale projects.
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