Planning approvals for new residential homes in Spain fell by 66% in February compared to the same time last year, but on a month-to-month basis the rate of decline showed some signs of starting to slow.

There were 10,253 planning approvals in February, 66% less than a year ago, but a small increase on the 9,861 in January, giving optimists hope that the collapse in new construction activity might be starting to bottom out. January delivered the lowest monthly figure for planning approvals since the Ministry of Development started publishing this data.

On a cumulative basis, there were 20,114 planning approvals in the first 2 months of the year, compared to 59,638 in the same period last year, a fall of 66%.

Planning approvals for blocks of flats were down 68.5%, and by 57% for detached houses.