Spain: Housing market continues to haemorrhage
September 29, 2011
In July, the Spanish Board of Architects (Colegio de Arquitectos Tecnicos) granted 7,220 construction permits, according to data published by the Ministry of Public Works (Ministerio de Fomento), which is down from the 8,598 permits approved in June. On an annual basis, permits dropped 11.1%, confirming the feeble state of the housing market. The moving 3-month sum totalled 22,334 permits in the period ending in July, which represented a 14.6% drop compared to the 26,150 permits approved in the same period last year. At the current level, permits are only a fraction of the peak of 268,266 granted in the July-September period of 2006.