Spain Housing February 2015

Spain

Spain: Housing permits increase in February; housing prices grow in Q4 at fastest pace since Q2 2008

April 28, 2016

In February, the Spanish Board of Architects (Colegio de Arquitectos Tecnicos) granted 5,663 new construction permits, according to data published by the Ministry of Public Works (Ministerio de Fomento). The figure was above the 4,943 permits approved in January and marked the highest reading since October 2011. On an annual basis, permits rose 34.8%, which was down from the 44.7% increase recorded in the previous month.

As a result of the monthly figure, the moving three-month sum of permits totaled 15,680 in February, which represented a 65.4% increase over the same period of the previous year. The figure followed January’s 98.6% 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.


Author: Angela Bouzanis, Senior Economist

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Spain Housing February 2016

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


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