New Permits for Construction Up by 26% to August

31 October 2017

New approvals reach 53,977 units and point to three consecutive years of growth

New construction permits authorised for residential use in Spain stood at 53,977 units in the first eight months of 2017, an increase of 26% compared to the same period in 2016 period (42,869 units). Thus, the increase in permits to build homes maintain its upwards trend in 2017, consolidating three consecutive years of growth, according to data from the Ministry of Development.

Of the total number of approvals granted up to August 2017, 40,773 were for apartment blocks (with a year-on-year rise of 28.4%), and 13,178 were for single-family homes, an annual increase of 18.6%. In addition, 26 permits were requested for other types of buildings not intended for family homes.

In 2016, approvals increased by 28.9% after rising by 42.5% in 2015, consolidating the recovery that began in 2014, a year in which brought seven consecutive years of negative growth to an end with an increase of 1.7%. The real estate market indicator reached a historic low in 2013 (34,288 units), down from the maximum reached in 2006 (865,561 permits), a collapse of 96%.

Original Story: El País – Agência Servimedia

Translation: Richard Turner