Spain: Housing permits rise in September; housing prices in Q3 grow at fastest pace since Q2 2008
November 27, 2015
In September, the Spanish Board of Architects (Colegio de Arquitectos Tecnicos) granted 4,419 new construction permits, according to data published by the Ministry of Public Works (Ministerio de Fomento). The figure was above the 2,742 permits approved in August. On an annual basis, permits rose 53.5%, which was notably above the 31.7% increase recorded in the previous month and marked a seven-month high.
As a result of the monthly figure, the moving three-month sum of permits totaled 12,359 in September, which represented a 28.7% increase over the same period last year. The figure followed August’s 27.5% expansion and marked a three-month high. 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 Q3, the general index of housing prices produced by the Ministry of Public Works rose 1.4% year-on-year to EUR 1,476 per square meter. The increase followed the 1.2% rise recorded in Q2 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.