The number of new homes on which construction started during the first quarter of this year was down by 28.8% compared to the equivalent figure from 2011 at just 11,116, according to the latest statistics published by the Ministry of Fomento. On the positive side, though, 830 more homes were started than in the last three months of last year.
If the current rate holds steady then only 45,000 new builds will be started this year, which would be a new record low. Just six years ago, in 2006, construction work on almost 665,000 new homes was begun, meaning that current levels of activity have fallen by over 93% since then.
As is logical, not only are fewer homes being started, but fewer are being completed. In the first quarter of this year 20,555 homes were finished, 32% fewer than in both the first and last quarters of 2011.
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