Number of homes built in 2008 down by 41.5%
26.03.2009
Spain's Housing Ministry announced today that there were 360,044 housing starts in 2008, a 41.5% drop from 2007.
The decline was caused by the adjustment of the production of new property to a fall in demand by around a third. This decline was more evident in the private sector, where construction fell by 49.4% in 2008 from the previous year.
In the same period, the number of houses in the council housing sector increased by 8.5%. Half of the buildings on which construction started between October and December 2008 were part of council housing.
The number of mortgaged houses diminished by 43.5% in January from January 2008 and the capital loaned for these operations amounted to 6.472 billion euro, a 51.7% year-on-year decrease according to the figures published by the National Statistics Institute.
The average amount of mortgages decreased for the 12th consecutive month to 122.091 euro in January, 14.5% lower than in the same month in 2008.
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