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June 10, 2016

High level of growth of sales of real estate in Spain

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2016 year has started well for both residential and commercial property sector in Spain. The price index (IPV), calculated by the National Statistics Institute of Spain (INE), based on data from official notaries, grew by 6.3% in the first quarter of this year compared to previous year, which is the highest growth since the beginning of the fourth quarter of 2007. The community of Madrid and the Balearic Islands has been the regions that registered the highest increase in real estate prices by 9.7% and by 8.8 %, respectively.

By type of housing, the annual level of prices of new residential property was by 6.1%, which is by three tenths more than the previous quarter. Moreover, the annual change in prices of resale properties in Spain has grown by almost two and a half points to 6.4%. With respect to the quarterly development of the index IPV, there is an increase of 1.5%.

All regions of Spain, according to official figures, have recorded an increase in its annual rate of growth of housing prices in the first quarter of 2016, with the exception of Castilla La Mancha and Extremadura, with decreases by six and nine tenths, respectively. The highest growth was recorded this year in Cantabria (5.5%) and in Catalonia (8.6%), up by 3.1 and 2.7 points, respectively.

In addition, the number of transactions with real estate in Spain in April 2016 recorded its highest rate this year, with 35,199 transactions, which is 29% higher if we compare in annual terms. Moreover, currently this increase is accompanied by a rise in sales of both new and resale real estate in Spain. According to the INE, this figure is the highest in the last three years, i.e. since February 2013, while the increase in sales of real estate in Spain is the highest since August 2010.

According to official statistics, among all autonomous regions in Spain the highest rate of annual change in the number of sales was recorded on the Balearic Islands (61.7%) and in Galicia (51.6%). At the same time, the Canary Islands (2.0%) and the Basque Country (12.0%) recorded the lowest annual rates of growth in April this year.

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