Spain: Housing permits break downward trend in February
April 28, 2011
In February, the Spanish Board of Architects (Colegio de Arquitectos Tecnicos) granted 10,753 construction permits, according to data published by the Ministry of Public Works (Ministerio de Fomento), which is up from the 8,818 permits approved in January. The moving 3-month sum totaled 29,921 permits in the period ending in February, which represented a negligible 0.2% increase compared to the 29,853 permits approved in the same period of the previous year, but, nevertheless, broke the downward trend observed since mid-2007. At the current level, permits are only a fraction off the peak of 279,070 granted in the July-September period of 2006. Meanwhile, the general index of housing prices, produced by the Ministry of Public Works, dropped 4.7% in the first quarter of 2011 over the same period last year, falling faster than the 3.5% decline observed in the previous quarter. At the current level, the price per square metre reached EUR 1,778 in Q1 2011, 15.4% below the peak of EUR 2,101 per square metre observed in Q1 2008.