Spain: Housing permits hit lowest level on record
October 31, 2013
In August, the Spanish Board of Architects (Colegio de Arquitectos Tecnicos) granted 1,585 new construction permits, according to data published by the Ministry of Public Works (Ministerio de Fomento). The figure was down from the 3,979 permits approved in July and marks the lowest level on record. On an annual basis, permits plummeted 39.9%, which marks a significant deterioration over the 1.5% drop seen in July.
As a result of the monthly figure, the moving three-month sum of permits totaled 8,464 in August, which represents a 16.8% decline over the same period last year and highlights that the housing market remains depressed. The current level represents just a fraction of the 268,266 permits that were granted during the July-September 2006 peak.