Spain: Housing market remains depressed
May 31, 2012
In March, the Spanish Board of Architects (Colegio de Arquitectos Tecnicos) granted 4,848 new construction permits, according to data published by the Ministry of Public Works (Ministerio de Fomento), which was up from the 4,600 permits approved in February. On an annual basis, permits declined 30.6%, an improvement over the 43.8% drop recorded in February. As a result of the monthly figure, the moving 3-month sum totalled 14,219 permits in the first quarter, which represents a 35.2% decline over the same period last year and marks, in fact, a new record low, indicating that the housing market remains depressed. At the current level, permits are only a fraction of the number given during the peak in the July-September period of 2006, when 268,266 permits were granted.