In the second quarter of 2023, based on authorizations for the residential sector, there is an estimated sequential decline of 5.2% in both the number of dwellings and the usable living area.
However, the non-residential construction sector shows a notable growth of 8.9% compared to the previous quarter.
In Q2 2023, the estimated number of dwellings for new residential buildings, adjusted for seasonality, is approximately 13,550 units. The usable living area is just below 1.19 million square meters, while the non-residential area is around 2.71 million square meters.
During this quarter, the residential sector experiences a significant year-on-year decline both in the number of dwellings (-16.1%) and in the usable living area (-13.5%).
The non-residential building area, in the second quarter of the year, sees a 4.1% increase compared to the same period of the previous year.
Commentary: After two quarters of growth, the residential sector records a sequential decline in the second quarter of 2023, bringing the number of dwellings to the lowest levels since the third quarter of 2020. In contrast, the non-residential sector shows an increase after three consecutive quarters of decline. On a year-on-year basis, the residential sector experiences its fourth consecutive decrease in Q2 2023, while the non-residential sector exhibits positive performance.