News alert: Spanish new builds plummet

7 Aug 2012

News : Spain saw a 32.6% decrease in home construction year-on-year in the first five months of 2012, according to official data.
 
The data from the Ministry of Development, gathered by Servimedia, showed that 48,876 homes were completed in this time frame, compared to 72,606 in the same period of 2011.
 
Of the total finished constructions, 98.5% were allocated to private developers and the remaining 1.5% to the Government. 
 
El Mundo reported that the number of dwellings completed in 2012 maintained the downward trend that marked the year 2011 saw a 34.7% year-on-year fall. The number of new builds in Spain has declined for four consecutive years. Since their peak recorded in 2007, with 641,419 new homes completed, the market has fallen by 74%.