Spanish building permits soar

Photo: Aparejador

New figures from the Ministry of Development reveal that construction climbed significantly in the first 10 months of 2014, with building permits jumping 6.7 per cent compared to the same period in 2013.

Building activity rose more than 40 per cent in May 2014, according to Eurostat, the biggest rise of any country in Europe. That trend continued through the year, with applications for building licences soaring 15.6 per cent in October alone to a total of 3,265.

By the end of 2014, applications could rise as high as high as 37,500, if the current pace continues, overtaking the total for 2013.

Apartment blocks drove activity (20,950 applications in total - up 9 per cent year-on-year), followed by family homes (9,891 - up 2 per cent).

The figures, published by El Economista, have been welcomed by many as another positive sign that the Spanish property market is improving, although the increase is compared to a relatively low base, after years of a market slump.