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ARCHIVED - Signs of a slowdown in the Spanish residential construction sector recovery
Three consecutive monthly falls in the number of building licences end a 28-month upward trend
The number of new homes for which building licences were issued in Spain fell in July for the third consecutive month, heightening fears that the threat of another economic crisis may be nipping the incipient recovery in the residential construction sector in the bud.
There had been 28 consecutive year-on-year increases in the figures prior to the start of the summer, but they have been followed by falls of between 1.5 and 3 per cent in May, June and July, the July total reaching 11,967. July is often the most active month in the year in terms of building licences being issued, and it should be pointed out that the comparison is distorted slightly by the fact that when the total passed 12,000 in the seventh month of 2018 it was the first time it had done so for a decade.
These latest results come, though, after a period of strong growth in the first few months of 2019, and the cumulative total for 2019 so far has reached almost 88,000, 11.1 per cent more than at the same point last year.
In the Region of Murcia, meanwhile, the year-to-date total stands at 2,175, just 27 more than at the end of July 2018.
As ever, the historical development of these data shows the extreme nature of the boom-and-bust sector in the Spanish property market over the last 15 years. At the height of the speculative property boom in 2006 licences were issued for over 126,000 homes in September 2006, falling to just 1,585 in August 2013, and in the Region of Murcia the high point was the figure of 9,238 which was recorded in March 2007.
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