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Ministry Of Development: Housing Permits Rise By 37%

Posted by: In: Real Estate 30 Sep 2016 Comments: 0 Tags: , , , , , , , , , , ,
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30 September 2016 – Expansión

The number of housing permits granted by the college of technical architects soared by 37% during the first seven months of the year, to reach 39,497, the best figure between January and July since 2011, according to the latest data from the Ministry of Development.

Despite the increase, residential construction permits are still a long way from the highs recorded in 2007, when at the height of the boom, 448,991 permits were granted between January and July, i.e. 91% more than have been issued so far this year.

The number of housing permits started the year (2016) with an increase of 44% to 4,943. In February, the YoY increase was 35%, as 5,663 permits were granted, whilst in March the figure doubled to 6,176. In April, the increase was more moderate, up by 6.5% to 4,795 permits and in May the number soared by 79% to 7,985. In June, the figure rose by just 0.6% and in July, double-digit growth returned with an increase of 21%.

The total number of permits granted for new builds, renovations and extensions during the seven months to July was 56,407, which represents an increase of 24.6% with respect to 2015.

By property type, the number of permits granted to construct block housing rose by 45.5%, to 29,362 licences, whilst the number granted for family homes grew by 17% to 10,129.

In terms of surface area, the average size of family homes amounted to 200 sqm, whilst the average size of apartments in block housing stood at 117 sqm.

Since the Ministry of Development began to prepare these statistics in 1991, the number of permits reached their historical monthly minimum in August 2013, when just 1,585 permits were granted. The historical monthly maximum was recorded in September 2006, when 126,753 permits were granted.

Original story: Expansión

Translation: Carmel Drake

The post Ministry Of Development: Housing Permits Rise By 37% appeared first on Aura Real Estate Experts.

Source:: AURA Real Estate Experts

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