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Date Published: 03/03/2023

ARCHIVED - Number of permits to build new homes in Murcia shoots up

ARCHIVED ARTICLE -

There were 25% more permits granted for new build properties last year than in 2021

<span style='color:#780948'>ARCHIVED</span> - Number of permits to build new homes in Murcia shoots up

The latest figures from 2022 show that, despite the rise in interest rates and the increase in the cost of mortgages in Spain making buyers more wary of investing in the housing market right now, the number of new housing construction projects started in the Region of Murcia last year is the highest it has been in the last 12 years.

As many as 3,277 building permits were granted for the construction of new housing and residential buildings in Murcia in 2022, which is almost 25% more than the 2,635 granted in 2021, according to data from the Ministry of Urban Agenda.

Sixty-five per cent of those permits were for large-scale housing projects, which include those property developments that have several semi-detached or terraced houses in one block, or apartment buildings.

The number of permits granted for the construction of new housing last year is remarkable not only because it was achieved in an economic climate of inflation and uncertainty, but also because it is the highest figure since 2009, just after the financial crash of 2008.

At that time, the momentum of the previous years still enabled a total of 4,779 building permits for new housing to be obtained in Murcia even at the start of the housing market crash. But that figure is still a long way off today.

Now, since 2020, the number of permits for new builds in the Region has been increasing steadily, which José Ramón Blázquez, the President of the Association of Real Estate Developers of the Region of Murcia (APIRM) sees as good news.

At the beginning of 2022 last year he stated that if there is land available at a reasonable price and a crisis in raw materials did not stifle construction, this would be a very good year given that the accumulated demand is still there: “We have been building fewer homes than we need for several years.”

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