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Housing Permits Rose Slightly In 2014 After 7 Years In Decline

Posted by: In: Real Estate 27 Feb 2015 Comments: 0 Tags: , , , , , , , , , , ,

27 February 2015 – Expansión

The Colleges of Technical Architects granted 34,873 permits for the construction of homes in 2014, a very small increase, of 0.003%, but still an increase and the first sign of growth after seven years of decreases, according to the most recent information published by the Ministry of Development.

Despite this increase, (the number of) housing permits remains well below the peaks recorded in 2006, during the height of the real estate sector boom, when they exceeded 865,000 in one full year. Since then, the cumulative decrease amounts to 96%.

The number of housing permits started to fall in 2007, by 24.8%, and since then have continued on a downwards trend to reach their lowest levels at the end of last year.

Since 1991, when the Ministry of Development first started to compile this data, the number of permits reached their historic monthly low in August last year, when there were only 1,585 granted. The historical (monthly) peak was recorded in September 2006, with 126,753 permits granted.

In total, the number of permits granted for new builds, renovations and extensions amounted to 58,776 (last year), which represented an increase of 0.06%, with respect to 2013.

By type of property, permits to construct housing blocks increased by 1.6%, with 23,301 licences, whilst permits to construct family homes rose by 1.4%, to 23,301.

In terms of size (surface area), the average size of family homes was 198 square metres and the average size of apartments was 112 square metres.

Original story: Expansión

Translation: Carmel Drake

The post Housing Permits Rose Slightly In 2014 After 7 Years In Decline appeared first on Aura Real Estate Experts.

Source:: AURA Real Estate Experts


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