Germany’s housing sector slumps into crisis ...Middle East

BERLIN: Valeriy Shevchenko felt like he made the purchase of his lifetime when he beat a queue of prospective buyers to secure a two-bedroom apartment in one of Berlin’s most popular districts.Two years on, the 33-year-old’s housing dreams have come crashing down after the developer of his new home, Project Immobilien, went bankrupt.Hit by a sudden jump in interest rates and raw material costs, twice as many developers have filed for insolvency over the last year than the previous 12 months.Like hundreds of homeowners-to-be across the country, Shevchenko found construction of his new home suddenly halted, as workers cleared out of the site where the concrete skeleton of the building stands,

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