Madrid.—The building permits applied for to construct new homes in the Balearics from January to August this year were 13.3 percent less than the number registered during the same period in 2010, Central Government's Ministry for Public Works confirmed yesterday.

At a national level, the number of permits applied for (54'522) from January to August were down by 13.1 percent. Of the total number of licenses applied for, 74.4 percent were for blocks of flats and the rest family houses.

The Ministry reported that there was 11.3% less activity in reforming and extending already existing properties than during the first 8 months of 2010.
Meanwhile, the cost of housing in the Balearics fell by 1 percent in October this year compared to the previous month of September. At a national level, the cost of housing fell by 1.8 percent during the same period.

In the Balearics, the average cost of property in October stood at 2'241 euros per square metre whilst in Palma it registered as 2.286 euros, 1.9 percent less than in September.

Across the country as a whole, the average cost of a square metre of constructed property was 2'128 euros, a month-on-month downturn of 1.8%, the greatest registered since January 2010.

Although house prices went down last month in all regions of the country, the Balearics was one of them where house prices went down the least compared to September.

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