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August 2, 2016

Catalonia leads the sales of residential property until March

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The first quarter of this year has started with the registration of positive data on the housing market in Spain. The General Council of Notaries of the country reported that the sale of residential property in Spain in the first quarter increased by 18.6% year on year to 102,297 units, and also there was recorded a double-digit growth in almost all regions except Navarra and Aragon. Catalonia (24.4%) and Asturias (29.5%) are the regions that recorded the highest growth. In these regions there was sold a total of 16,097 and 1,729 residential properties, respectively.

At the same time, the price per m2 of residential property in Spain increased in the first quarter of 2016 by 4.0% to 1,297 euros, and this figure was surpassed significantly only in the Basque Country (2,190 euros), on the Islands Baleares (2,122 euros) and in Madrid (1,874 euros).

The average prices, meanwhile, fell in four regions, and with particular intensity in Aragón (-5.8%), Castilla y Leon (-3.3%) and Navarra (-3.3%). In addition, it is worth to highlight the average annual growth in the provinces of Madrid (5.0%) and Extremadura (3.4%) among the general national statistics. However, the largest annual increase of the average price of residential property in Spain by m2 was registered in La Rioja (15.4%) and Castilla-La Mancha (14.6%).

Thus, with the exception of the last two autonomous regions, the recovery in prices of residential property in Spain is most noticeable in coastal areas and on islands, with growth on the Balearic Islands and the Canary Islands by 12.0% and 7.2%, respectively, compensated by a decrease in the provinces of Castilla and Leon, and especially in Aragon (-6.0%).

At the same time, the sales of apartments in Spain show very similar statistics, almost the same as the total sales of residential properties, i.e, an increase by 18.2%. Only two autonomous regions of Spain recorded a decrease in the number of flats and apartments sold: Navarra (-20.1%) and Aragon (-3.3%). It should be also noted the significant growth in Catalonia (23.2%), on the Balearic Islands (23.4%) and especially in the province of Asturias (24.1%).

The average price of m2 of flats and apartments in Spain at the national level is slightly higher than the cost per m2 of other residential properties, reaching 1,418 euros. Regionally, the average price registered a uniform increase, with changes between 2% and 4% in most regions of Spain, among which are La Rioja (13.7%) and the Balearic Islands (17.0%), with a growth of double digits.

With respect to mortgage loans and subsidies, their issuance increased in all regions of the country, with the exception of Aragon (-2.5%). The recovery of bank financing on average was by 10.1% countrywide, except for the autonomous regions of Navarra (52.3%) and Castilla-La Mancha (22.2%), which showed a much larger increase than the national average. At the other extreme, in this case, is located the province of Extremadura (-24.7%).

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