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ING global economic outlook 2023 December 2022 see that high energy prices are adding to insulation drives from consumers as well. Demand for renovating homes is so large that fulfilling demand will prove challenging in 2023. Construction companies in the eurozone not only lack the material to fill orders, but there is also a structural labour shortage. Looking ahead, we do not expect to see a significant easing in the situation next year. Despite the strong appetite and need to transform the housing market, the transition should be more dragged out than demand and investment plans would suggest. Because of impaired supply, we also expect differences in price developments between new and existing houses to occur, with new houses experiencing upward pressure on prices from higher building costs.

ING Global Economic Outlook 2023 - Page 34 ING Global Economic Outlook 2023 Page 33 Page 35