Planning approvals were up 7pc in January compared to the same month last year, according to figures from the Government (Fomento).
Compared to December, however, planning approvals were down 15pc to 6,784.
Residential planning approvals have collapsed more than 90pc since the end of Spain’s property boom, down to just 91,662 in 2010 compared to 865,561 in 2006.
In my opinion, 2011 will mark the bottom of the cycle for planning approvals, though I should stress that is just a hunch. If it is not this year it will be next year, so it’s not as if I’m taking a wild guess.