Residential planning approvals fell 31pc in Q1 compared to last year, to the lowest level since the crisis began. The house building industry in Spain has basically shriveled up. What a difference 6 years makes (see chart).
Juan Eloy Durá, President of the Valencian federation of construction companies, recently said that “builders no longer exist.”
When the sector eventually picks up, as it must (though who knows when), there could be a big shortage of capacity and a great opportunity for those in a position to exploit it.