Residential building permits in Q4’25 came to 2.4k (+5.8% QoQ; +26.6% YoY) with 15 642 dwellings. The total GBA under these permits amounted to 1 797.3k sq. m (+21.8% QoQ; +62.9% YoY). During the Oct-Dec period, 14 administrative and office buildings received permits (-12.5% QoQ; -6.7% YoY) with total GBA of 13.5k sq. m (-8.3% QoQ; -61.3% YoY). Other building permits increased slightly to 1.3k (+2.8% QoQ; +10.3% YoY) with GBA of 769.5k sq. m (+12.5% QoQ; +22.5% YoY). The construction of 1 783 residential buildings began in the fourth quarter of 2025 (-0.8% QoQ; +15.9% YoY) for a total GBA of 1 163.3k sq. m (+32.1% QoQ; +21.6% YoY). Administrative and office buildings started in the Oct-Dec period were 6 (-33.3% QoQ; -25.0% YoY) with GBA of 3.0k sq. m (-58.8% QoQ; -50.9% YoY), while other buildings reached 650 (-0.6% QoQ; +8.3% YoY) with GBA of 480.1k sq. m (+14.8% QoQ; +28.5% YoY).