Will the Energy Saving Ordinance from 2021 make new construction unaffordable?

Assuming I could afford it - wouldn't it be clever from a speculative point of view to build a multi-family house BEFORE 2021

Nope. An investment always has to pay off (whether it's real estate or other asset classes). Currently, you build at price x and get the rent y. If the energy saving ordinance comes into effect, you just build at price x+? and get the rent y+?. As long as you don't build in the middle of nowhere where there's no demand, the result will be the same. Higher standards could also lead to the exorbitant prices of construction companies and craftsmen returning to a reasonable level.

Someone probably wants to get rid of money. Not that long ago, KFW 55 was an unaffordable fantasy. Now it is standard and being built less?

The fact is, however, that building is becoming increasingly expensive and today many who would have built before prefer to renovate an old building. Since salaries are not keeping up, this group is getting bigger.

That’s why my idea is to quickly build a multi-family house now and consider it as a speculative investment.

Then just do it if you think the idea is so great. I don't even know what this discussion is supposed to achieve...? *ponder*

Ever wondered why prices have been rising in recent years?

Hello!

My bank guy told me that I shouldn't wait too long with my new build because from 2021 on, the regulations will change so drastically that new builds would cost 20-25% more than today.

That is already the case simply because demand is increasing so much.

My banker used the term "Betongold"

Concrete is quite cumbersome. Especially when it needs to be renovated. That doesn't work forever.

The fact is, however, that building is becoming more and more expensive and already today many who would have built earlier prefer to renovate an old building. Since salaries are not keeping up, this group is getting bigger and bigger.

It has always been the case that not everyone could build. Maybe a bit more now.

Moreover, demand in future regions can still not be fully satisfied. And the construction companies are cashing in on that. But they are not burning it, they can spend it themselves.

No. An investment must always pay off (regardless of whether it is real estate or other asset categories). Currently, you build at price x and get rent y.

YES, but IF I plan something like that, wouldn’t it be smarter to build now at cheaper conditions and then benefit from the higher rents... Or do you think that the higher rent I can charge for an energy-optimized house can cover the more expensive financing? I think at least one should calculate that.