New apartment developments down by 1.4% y/y

Developers launched construction of 12,200 apartments in December 2016, 1.4 percent fewer y/y and 6.7 percent fewer m/m, GUS reported. The number of apartments handed over for use, however, increased in December, by 9.8 percent y/y and 17.4 percent m/m. Also the number of apartments for which permits were granted in December recorded a marked increase, by 23.6 percent y/y and 34.8 percent m/m. Altogether, over the course of 2016, 162,727 apartments were delivered (3.3 percent up from 2015), construction on 173,932 units was launched (an increase of 10.2 percent y/y) and permits for 211,565 units were granted (12 percent more than a year before).