Spain: Housing permits drop in January; housing prices grow in Q4 at fastest pace since Q2 2008
March 31, 2016
In January, the Spanish Board of Architects (Colegio de Arquitectos Tecnicos) granted 4,774 new construction permits, according to data published by the Ministry of Public Works (Ministerio de Fomento). The figure was below the 5,074 permits approved in December, which had marked a five-month high. On an annual basis, permits rose 39.7%, which was down from the significant 171.9% increase recorded in the previous month.
As a result of the monthly figure, the moving three-month sum of permits totaled 14,591 in January, which represented a 96.3% increase over the same period of the previous year. The figure followed December’s 85.7% expansion. However, the current number of permits represents a mere fraction of the 268,266 permits that were granted during the July–September 2006 peak.
In Q4, the general index of housing prices produced by the Ministry of Public Works rose 1.9% year-on-year to EUR 1,490 per square meter. The increase followed the 1.4% rise tallied in Q3 and marked the strongest growth rate since Q2 2008. Nevertheless, the price per square meter is still well below the EUR 2,101 peak that was recorded in Q1 2008.