Spain: Housing permits rise again in September; housing prices dip again in Q3
November 30, 2020
The Spanish Board of Architects approved 8,615 new construction permits in September, according to data published by the Ministry of Public Works. The figure was above both the 8,299 permits granted in September 2019 and the 5,390 permits granted in August. On an annual basis, permits climbed 3.8% in September, moderating from August’s 5.4% rise and marking the second month of increase this year.
Meanwhile, the moving three-month sum of permits totaled 20,678 in September, which represented a marked 18.5% drop from the same period in 2019 and followed the 27.6% slump recorded in August. The current number of permits represents a mere fraction of the 268,266 permits granted during the July–September 2006 peak amid a booming housing market in the leadup to the global financial crisis.
In Q3 2020, the general index of housing prices produced by the Ministry of Public Works dipped 1.1% year-on-year to EUR 1,620 per square meter. The fall followed the 1.7% drop logged in Q2 and marked the second successive quarter of declining prices. The price per square meter is well below the EUR 2,101 peak that was recorded in Q1 2008.