Spain: Housing permits increase significantly in March; housing prices accelerate in Q1
May 30, 2016
In March, the Spanish Board of Architects (Colegio de Arquitectos Tecnicos) granted 6,176 new construction permits, according to data published by the Ministry of Public Works (Ministerio de Fomento). The figure was above the 5,663 permits approved in February and marked the highest reading since September 2011. On an annual basis, permits rose 101.6%, which was well up from the 34.8% increase recorded in the previous month.
As a result of the monthly figure, the moving three-month sum of permits totaled 16,782 in March, which represented a 57.1% increase over the same period of the previous year. The figure followed February’s 65.4% 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 Q1, the general index of housing prices produced by the Ministry of Public Works rose 2.4% year-on-year to EUR 1,492 per square meter. The increase followed the 1.9% rise tallied in Q4 and marked the strongest growth rate since Q1 2008. Nevertheless, the price per square meter is still well below the EUR 2,101 peak that was recorded in Q1 2008.