Residential building permits in Q4’24 came to 1.9k (-8.8% QoQ; +15.8% YoY). The total GBA under these permits amounted to 1 103.6k sq. m (-1.0% QoQ; -41.3% YoY). During the Oct-Dec period, 15 administrative and office buildings received permits (-16.7% QoQ; -31.8% YoY) with total GBA of 34.9k sq. m. (-42.3% QoQ; -59.5 YoY). Other building permits increased slightly to 1.2k (+2.0% QoQ; -6.0% YoY) with GBA of 628.1k sq.m. (+9.7% QoQ; -28.7% YoY). The construction of 1 539 residential buildings began in the third quarter of 2024 (-0.9% QoQ; +0.3% YoY) for a total GBA of 957.0k sq.m. (+2.3% QoQ; +11.6% YoY). Administrative and office buildings started in the Oct-Dec period were 8 (-33.0% QoQ; flat YoY) with GBA of 6.1k sq.m. (-72.2% QoQ; +17.3% YoY), while other buildings reached 600 (+3.8% QoQ; -6.4% YoY) with GBA of 373.5k sq.m. (-14.9% QoQ; -31.5% YoY).