LICENSES FOR NEW CONSTRUCTIONS INCREASED 10.4% IN FEBRUARY

SOURCE: SPANISH REAL ESTATE MAGAZINE

06/05/2019

Licenses for building new property increased 10.4% in February, when 9.168 licenses were granted according to data published by the Ministerio de Fomento. Also, this would be the second best month of the year since February 2009, when 10.253 licenses were granted.

The licenses granted for new construction were more than double in respect to those granted in February 2015 (4.200 licenses), year in which the activity of cranes started to recover on a two digits rhythm after the dramatic decrease of previous years. The sector is thus now closer to reaching the goal of building around 150.000 units per year (in 2018 more than 100.000 units were built).

However, it seems that more time will be required. Progress on licenses is restrained in respect to the previous month. In January 9.306 licenses for new property were granted, and this meant 39% more than in January 2018. Sector is recovering but still very distant to the real estate rush experienced a decade ago. The 100.000 licenses for new construction that closed 2018 are eight time less than those reached in 2006, when the record of 865.561 licenses was reached.

 

Reforms increase 21%

 

The details given by Ministerio de Fomento also recover the number of licenses granted for reform works and property rehabilitation, with a remarkable increase of 21.7% in respect to the same month of 2018. In total, 2.368 authorizations were applied for this type of Works, the second best month of February since 2010 (2.513 licenses).

In respecto to the Surface, flats have been reduced in just one year. Increase on the price per square meter makes developers adjust property size so prices can be maintained. This way, flats are almost a 7% smaller than those from one year ago; 108.9 square meters before the 116.4 meters of the same month in 2018.

Adding up to licenses for new construction, licenses for reform Works and extensions to existing ones, the total figure would be 11.738 licenses, 12.3% more than the same period in 2018.

 

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