Building permits for housing up 12,9% in October

In October, 28.900 housing building permits were authorized, bringing the number of housing units authorized to 335.600 over one year, between November 2023 and October 2024.

The number of authorisations issued during this period is down 10,5% compared to the previous twelve months and is 27% below the level observed "during the 12 months preceding the health crisis (March 2019 to February 2020)", notes the ministry.

The October rebound was driven by permits for collective housing (apartments in buildings) and residences (students, elderly people, disabled people, and others), which increased by 20,1% over one month, while building permits for individual housing stagnated (+0,9%).

Construction site starts also rebounded in October compared to the previous month: +11,5% to 20.400 housing units started, but this level "would be 36% lower than its average for the 12 months preceding the health crisis", the ministry specifies.

Between November 2023 and October 2024, 259.000 housing constructions began, which is 18,7% less than in the previous twelve months and 33% less than in the 12 months preceding the 2020 health crisis.

The ministry warns that the figures for construction starts are subject to revision.

New construction is in a serious crisis. Construction costs have increased significantly due to rising material prices and stricter environmental standards.

At the same time, buyers have suffered from the rise in borrowing rates and the reduction in public support measures for new real estate.

Illustrative image of the article via Depositphotos.com.