Spain Housing


Spain: Housing permits fall in March; housing prices in Q1 record softest decline since Q3 2008

June 2, 2015

In March, the Spanish Board of Architects (Colegio de Arquitectos Tecnicos) granted 3,064 new construction permits, according to data published by the Ministry of Public Works (Ministerio de Fomento). The figure was below the 4,200 permits approved in February, which marked the most permits granted since July 2014. On an annual basis, permits contracted 13.6%, which contrasted notably the 57.9% increase recorded in the previous month.

As a result of the monthly figure, the moving three-month sum of permits totaled 10,681 in March, which represented a 22.8% increase over the same period last year. The figure followed February’s 18.0% expansion and marked a five-month high. 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 Q1, the general index of housing prices produced by the Ministry of Public Works dropped 0.1% year-on-year to EUR 1,458 per square meter. The decline was up from the 0.3% fall recorded in Q4 and marked the weakest drop since Q3 2008. Nevertheless, the price per square meter remains at levels last seen in Q4 2003 and is well below the EUR 2,101 peak that was recorded in Q1 2008.

Author: Ricard Torné, Lead Economist

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Spain Housing Chart

Spain Housing September 2014 0

Note: Monthly construction permits and three-month sum in thousands.
Source: Ministry of Public Works and Spanish Board of Architects.

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