Construction Down 32.6% to May

New home construction still slowing
New home construction still slowing

During the first five months of 2012, the construction of 48,876 homes was completed in Spain. This figure represents a decrease of 32.6% over the same period in 2011 (72,606), according to data from the Ministry of Development gathered by Servimedia.

Of the total number of finished constructions, 98.5% (48,135) were allocated to private developers and 1.5% (741) to the Government. With respect to the first five months of 2011, the number of private developers’ constructions fell by 32.2% and those of public administration fell by 52.6%.

Of the constructions in the private sector, 28,988 of these homes were for commercial companies, with a year-on-year decrease of 42.1%, 13,801 were for individuals and communities of owners (-11.2%), and 3,501 were for cooperatives (-10.9%). In addition, there were completion certificates for 1,845 other private promoter works. The liquidation value of the physical execution of the works decreased by 21.3% to 6,156.3 million euros.

El Mundo reported that the number of dwellings completed in 2012 maintained the downward trend that marked the year 2011, when 167,914 homes were built, which was 34.7% less than the year before. The number of new builds in Spain have accumulated four consecutive years of declines. Since their peak recorded in 2007, with 641,419 new homes completed, the market has fallen by 74%.

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