Recently released figures from the Ministerio de Formento (Development Ministry) reveal that applications for new building licenses have increased some 24.4% during the first seven months of 2017.
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In total there were 49,238 applications for new build properties between January to July, of which 37,039 were for apartment blocks and 12,174 were for detached villas, representing increases of 26% and 19.5% respectively compared to the same period in 2016.
Assuming the rate of demand for building licenses continues for the remainder of the year, the total applications made in 2017 could reach 84,500, the highest number witnessed for seven years.
The number of applications for refurbishments and extensions also increased 5.8% totalling 17,855 during the same period. Of these the bulk were for refurbishments with 16,482 license applications, an increase of 4.9% whilst licenses for extensions saw a greater increase of 18.8% to 1,373.