Building Plans Approved National Summary May 2022

The number of SQM approved for private sector building construction fell by 2.8 percent y-y in May 2022 to 1,197,196sqm. Residential approvals were weaker compared to last year, down 11.5 percent, while a modest 2.9 percent increase was reported in home renovations. Renovations of other buildings increased by 11.8 percent, with higher levels of approvals also reported for retail (albeit coming off a low base) and industrial space. Demand for new office space developments has come to a near standstill as approvals continue to decline and fell by 19 percent in May to fewer than 8 000 sqm.