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July 15, 2016

Evolution of sales of real estate in Spain

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Evolution of sales of real estate in Spain

Sales of property in Spain ended May 2016 with an increase by 23.6% to 36,425 units, according to data from the National Statistics Institute (INE). This is the highest rate recorded since January 2013, when 39,920 items were sold. Despite this increase, this figure represents only 40% of sales that were made during the real estate "boom" in Spain. Compared with the previous month, sales of houses and apartments in Spain increased by 3.5%. It is important to note that the data collected by the National Statistics Institute is the official record of the purchase and sale of real estate, which were held two or three months before and in the presence of a notary.

As usual, second hand houses and apartments for sale are leading among the objects that were sold during May 2016. In particular, 29.422 second-hand objects, which is 26.7% more than a year ago, while only 7,003 facilities were new, which is 12% higher than a year ago. It is worth considering that the INE registers new items that have not been sold in the first year of existence as second-hand properties. In addition, new apartments and houses that sell Spanish banks are also considered as second-hand properties in Spain.

The autonomous communities of Spain with the most sales of real estate in towns with more than 100,000 inhabitants were the Balearic Islands and La Rioja. Communities that recorded the highest rate of annual change in the number of real estate sales were also the Balearic Islands (70.0%) and La Rioja (68.9%). At the same time, Navarra (-20.2%) and Cantabria (1.7%) recorded the lowest annual dynamics of growth of real estate sales in May 2016. However, most houses and apartments in Spain were sold in Andalusia (12,630), Catalonia (10,966) and Valencia (10,009).

Fernando Encinar, the head of research Internet portal Idealista, said that "the results are good news for the Spanish property sector, which has not seen a similar dynamic since the beginning of 2013, when finished the tax benefits for the purchase of residential property in Spain. In addition, these data are closely related to the improvement in figures and prospects of employment. Of the three main factors that act as catalysts in the housing market, employment is a key driver of the housing sector, including more than the granting of mortgage loans or recovering of prices of homes and apartments in Spain. In fact, despite the fact that the normalization of prices is carried out at a different pace and there are markets where prices are already growing up, increasing the number of transactions of buying and selling spreads throughout the country. The connection is clear: improving in employment leads to improvements in real estate sales in Spain".

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