Spain Housing December 2015

Spain

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

February 29, 2016

In December, the Spanish Board of Architects (Colegio de Arquitectos Tecnicos) granted 5,074 new construction permits, according to data published by the Ministry of Public Works (Ministerio de Fomento). The figure was above the 4,743 permits approved in November and marked a five-month high. On an annual basis, permits rose a notable 171.9%, which was significantly above the 120.7% increase recorded in the previous month.

As a result of the monthly figure, the moving three-month sum of permits totaled 13,518 in December, which represented a 85.7% increase over the same period of the previous year. The figure followed November’s 57.3% 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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