Planning approvals were down 17pc in year to August, and almost 90pc compared to 2006
Requests for planning approval fell 17.4pc in the first 8 months of the year compared to the same period last year, reveal the latest figures from the Ministry of Development.
There were just 62,868 requests in the year to August, compared to 551, 350 over the same period in 2006. That’s a decline of 89% in 4 years.
The graph above tells you all you need to know about the rise and fall of the Spanish property sector. Spain’s home-building industry has all but collapsed. Activity must be at the lowest level on record. At this rate there soon won’t be anyone left in Spain building homes.
The good news? The sector’s nose-dive is getting shallower, which is hardly surprising considering that it has almost hit the ground. This time last year the annualised decline was 62pc, compared to which the latest decline of just 17pc doesn’t sound so bad.