Spain: Housing permits fall in May; housing prices in Q2 record largest rise since Q2 2008
September 15, 2015
In May, the Spanish Board of Architects (Colegio de Arquitectos Tecnicos) granted 3,956 new construction permits, according to data published by the Ministry of Public Works (Ministerio de Fomento). The figure was below the 4,497 permits approved in April. On an annual basis, permits rose 21.8%, which was below the 50.9% increase recorded in the previous month.
As a result of the monthly figure, the moving three-month sum of permits totaled 11,517 in May, which represented a 17.8% increase over the same period last year. The figure followed April’s 28.0% expansion and marked a four-month low. 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 Q2, the general index of housing prices produced by the Ministry of Public Works rose 1.2% year-on-year to EUR 1,477 per square meter. The increase notably contrasted the 0.1% fall recorded in Q1 and marked the strongest rise since Q2 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.