Applications for building licences soar by 24.4%

Applications for licences for new builds went up by 24.4% in the first seven months of this year. According to figures from the Development Ministry (Ministerio de Fomento), some 49,238 applications were made.

The majority – 37,039 – were for apartment blocks, up 26% compared to 2016 and 75.2% of the total applications. Those for detached homes totalled 12,174, an increase of 19.5%.

Should demand for building licences keep pace with the rate registered in Q1, 84,500 applications could filed by the end of 2017. This would be the highest for seven years, since 2010 when 91,600 were made.

More refurbishment projects

Applications for refurbishments and extensions went up 5.8% between January and July to a total of 17,855. Licences for extensions saw the biggest increase – up by 18.8% to 1,373. However, applications for refurb licences continued to take the lion’s share and rose by 4.9% to reach 16,482.