The strong adjustment in the residential construction sector in Spain continues, with the construction of only 56,650 homes being completed between January and October last year….

Number of completed new builds continues to fall!

The strong adjustment in the residential construction sector in Spain continues, with the construction of only 56,650 homes being completed between January and October last year. According to the latest data from the Ministry of Development, this represents a decrease of 43.8% compared to the same period in 2012 (when 100,801 were completed).

The figures to October 2013 maintain the negative trend of recent years. In the whole of 2012, with 120,206 homes completed, the drop was 28.4%, year-on-year, accumulating five consecutive years of declines. Since the peak recorded in 2007, when 641,419 homes were completed, activity in this sector has fallen by 81%.

Of the total homes completed in the first 10 months of 2013, 99.2% (56,175 homes) related to private developers and 0.8% (475) to the Government. Compared to 2012, the construction of homes by private developers dropped by 43.2%, and those of the Government fell by 75.8%.

El Mundo reported that among the private sector developments, 32,787 were for commercial companies, with a decrease of 46.7% year-on-year; 18,243 were for inpiduals and communities of owners (-32.4%), and 3,903 were for cooperatives (-47.5%). In addition, there were 1,242 completion certificates for other types of private developer projects, and the liquidation value of the actual execution of the works fell by 42.2% to 7,048.6 million euros.

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