Spain: Housing permits record sharpest drop in six months in February
April 30, 2014
In February, the Spanish Board of Architects (Colegio de Arquitectos Tecnicos) granted 2,701 new construction permits according to data published by the Ministry of Public Works (Ministerio de Fomento). The figure was broadly in line with the 2,608 permits approved in January. On an annual basis, permits declined at the fastest pace in six months, falling 37.2%, which was markedly down from the 20.3% drop recorded in January.
As a result of the monthly figure, the moving three-month sum of permits totaled 7,774 in February, which represents a 23.5% decline over the same period last year and emphasizes that the housing market is still depressed. The current level represents just a fraction of the 268,266 permits that were granted during the July-September 2006 peak.