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Ministry of Development: New Housing Permits Rose by 23.2% in October

29 December 2018 – El Economista

The permits authorised for new residential construction in Spain amounted to 83,882 units between January and October 2018, which represented an increase of 23.2% in comparison to the same period a year earlier (68,084 units).

According to data from the Ministry of Development, of the total number of permits approved, 66,032 were for flats in housing blocks (a YoY rise of 27.7%) and 17,831 were for single-family homes, up by 9%. Moreover, 19 permits were requested for other types of buildings.

The new build permits authorised are following a positive path so far in 2018, after four years on the rise to reach 80,876 units in total in 2017, which represented an increase of 26.1% compared to the previous year.

In the past, in 2016, permits rose by 28.9%, after increasing by 42.5% in 2015, which consolidated the recovery initiated in 2014, the year that broke seven consecutive years of decreases with a slight rise of 1.7%.

This real estate indicator reached a historical minimum in 2013 (34,288 units), a figure that represented a slump of 96% from the peak registered in 2006 with 865,561 permits.

Original story: El Economista

Translation: Carmel Drake