After collapsing to almost nothing, the number of new homes being started in Spain is once again on the increase, albeit from a very low base.
There were 19,134 planning approvals in the first five months of the year to May, an increase of 28% on the same period last year, according to figures from the Government (Fomento).
Planning approvals for flats increased by most, up by 36% to 13,585, whilst single-family homes were up 13% to 5,257.
The home building industry cycle has clearly turned a corner, after rising two per cent last year – the first increase in seven years.
New home building bottomed out at 34,288 units in 2013, down from 865,561 in the peak year of 2006, a decline of 96%.