German building society chief urges government to promote age-friendly living
The head of the Association of Private Building and Savings Banks and the CEO of Bausparkasse Wüstenrot, Bernd Hertweck, has called on the German government to take more action in promoting age-friendly living, particularly in the context of heating system replacements in old buildings. Hertweck emphasized that many older people, who are unable to invest in renovations due to a lack of financial resources, are often living in large, unsanitary homes that are no longer suitable for their needs.
According to Hertweck, the government has been too slow to address this issue and as a result, there is a lack of age-friendly housing options available. This, in turn, is contributing to the growth of the average living space per person, which is not due to luxury, but rather the stagnation of the housing market.
Hertweck pointed out that many older people are reluctant to downsize, as they are tied to their current homes and as a result, the average living space per person continues to increase. This, in turn, exacerbates the housing shortage in many cities. The CEO stressed that in Germany, a staggering 85 percent of people are not living in age-friendly housing.
In the context of building savings, Hertweck noted that the majority of contracts are being used for work on existing buildings, with 60 percent of new business consisting of pure renovations and modernizations. The energy crisis has also had a significant impact on the prices of renovated homes, making the option of using building savings for renovations more attractive, he said.