Construction of new homes slowing

New home construction still slow
New home construction still slow

According to data released by the Ministry of Public Works the number of new homes completed in the first quarter of the year stood at 30,151, representing a decrease of 31.4%, compared to the same period in 2011.

Private developers accounted for 29,630 of the total, or 98.2%, with the government making up the difference.

Of the private constructions 18,617 were commercial properties showing an interannual decrease f 41.1%. Individuals and communities accounted for 8,005 constructions, down 3.4% on the year. Cooperatives accounted for 2,068, a 10.1% increase and there were also 940 completion certificates granted for other private promoter works.

The liquidation value of the execution of these constructions fell by 18.4% to 3,766 million euros.

Spain has recorded four consecutive years of decline in property construction. Since the peak in 2007 figures show a cumulative fall of 74%. In 2007 there were 641,419 new properties completed, compared to 167,914 in 2011.