Spain: Housing market remains depressed despite small improvement
September 27, 2012
In July, the Spanish Board of Architects (Colegio de Arquitectos Tecnicos) granted 4,022 new construction permits, according to data published by the Ministry of Public Works (Ministerio de Fomento), which was up from the 3,502 permits approved in June. On an annual basis, permits declined 44.4%, an improvement over the 59.0% fall recorded in June. As a result of the monthly figure, the moving 3-month sum totalled 11,472 permits in July, which represents a 48.6% decline over the same period last year. The figure remains close to the record low of 11,251 permits reached in the previous month, 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.