The number of applications for licences to build new homes totalled 29,088 through to October, representing a decrease of 24.3% over the same period of 2012, and slightly below the 25.9% decline recorded a month earlier…

Fall in building permit applications moderates!

The number of applications for licences to build new homes totalled 29,088 through to October, representing a decrease of 24.3% over the same period of 2012, and slightly below the 25.9% decline recorded a month earlier, according to the Ministry of Development’s latest data.

If the current rate of application approvals is maintained, then 2013 will close registering a new annual low of around 35,000 building permits approved.

El Mundo reported that this volume of new construction is scarcely 4% of the historic all-time high registered in 2006, of 865,561 permits, and accumulates seven consecutive years of declines.

In the first ten months of the year, 67% of the total permits requested were for apartments in blocks (19,424) and the rest were for family homes.

The number of building permit applications for apartments dropped by 25.2% to November, compared with the same period of 2012, while for family homes the fall was 22.6%, year-on-year.

The Ministry of Development’s statistics also revealed declines in the number of applications for building permits for home extensions and renovation work. Between January and October, 19,336 applications were made for permits for housing reforms, down 1.9% compared to the same period of 2012, while the 1,604 applications for home extension licences represented a decline of 27.3%, year-on-year.

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