Spain: Housing permits hit five-month high, but housing market remains depressed
September 30, 2013
In July, the Spanish Board of Architects (Colegio de Arquitectos Tecnicos) granted 3,979 new construction permits, according to data published by the Ministry of Public Works (Ministerio de Fomento). The figure was up from the 2,900 permits approved in June and represents the highest level recorded since February 2013. On an annual basis, permits declined 1.5%, which marks an important improvement over the 17.1% drop seen in June.
As a result of the monthly figure, the moving 3-month sum totaled 9,507 permits in July, which represents a 17.2% decline over the same period last year, highlighting that the housing market remains depressed. At the current level, permits only make up a fraction of the number that were given during the peak in the July-September period of 2006 when 268,266 permits were granted.