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July 17, 2014

Analysis of the Spanish property market in 2014

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Analysis of the Spanish property market in 2014

According to the General Council of the Notaries in Spain, the real estate sales rose by 1.4% in May, and their cost, in turn, fell by 4.5%. New home sales fell by 13.5% compared to the secondary housing, whose sales increased by 0.5%. Providing mortgage loans to individuals for the purchase of housing increased by 23.6% in May 2014.

Experts and, in particular, notaries provide evidence that the real estate market in Spain begins to move and there are signs of stabilization, but it seems to still not enough at the moment to indicate the final completion of one cycle and the transition to another, namely to restoration of the real estate market. According to the General Council of Notaries in the May 2014 issue of housing sales and mortgage lending rose, but the prices for real estate continues to fall. In May 2014 were sold 30,000real estate objects, so we can talk about that home sales rose again in May 2014 on an annualized basis, namely by 1.4% to 29,966 operations, which is slightly lower than the same figure in April 2014, when there were registered 30,000 transactions, and sales growth exceeded 11%.

Notaries explain the rise in property sales in recent months, partly due to the “normalization” of operations after the deduction of home buying from income tax at the end of 2012, but also it reflects the “stabilization” of the monthly sales of real estate in Spain. Thus, from January to May 2014 average sales amounted to 25.225 operations, which are similar to the result recorded in the second half of 2013, when it stood at 27.957 transactions on average per month.

The Council of Notaries provides also the data by property type. Thus, the acquisition of real estate, which is commercially available, fell by 1.7%, particularly affected sales of new properties, which decreased by 13.5%, compared with 0.5% growth in the case of the secondary real estate. With regard to one-family houses sale, then in this case, they showed an increase of 16.1%.

On the other hand, the average price per square meter of real estate acquired in May 2014 amounted to 1.200 euros, 4.5% less than the year before, while in April it decreased by 0.7%.

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