Ministry of Development: New Home Permits Soared by 27% in 2017

31 January 2018 – Eje Prime

Permits for the construction of homes are skyrocketing. The residential sector is experiencing a sweet moment and that is reflected by the good data that the Ministry of Development has compiled regarding the number of permits processed for the construction of homes.

In 2017, around 81,500 permits were requested. Note, the total number of permits requested during the whole of the previous year (2016) was exceeded in November 2017, with 74,960 requests. Those figures represent a YoY increase of 27.2% and complete four consecutive years of growth.

Between January and November, the bulk of demand for permits was made for the construction of block housing, which accounted for 56,714 permits, up by 30% compared to 2015, and accounting for 75% of the total number of requests.

Meanwhile, detached homes recorded a YoY increase of 14%, with 17,941 such permits requested. Moreover, requests to extend homes also grew last year, by 8.9% with respect to 2016, to reach 2,039 approvals.

Original story: Eje Prime

Translation: Carmel Drake