Planning approvals have fallen 57% , to 144,000, in the first 5 months of the year, compared to 336,000 in the same period last year, new figures from the Ministry of Development show. This is the lowest level of planning approvals since the year 2000.
Approvals for apartment blocks fell by 60%, compared to 43% fall in detached homes.
The fall in planning approvals appears to be gathering pace as the year progresses. Numbers for May were 30% below April.
With Spain’s housing boom in full swing, planning approvals rose rapidly in 2004 (687,000), 2005 (730,000), and 2006 (866,000), before starting to fall in 2007 (651,000).