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December 19, 2015

October reflects a normalization of the housing market in Spain

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October reflects a normalization of the housing market in Spain

Sales of houses and apartments in Spain increased 2.7% in October 2015 to 35,088 operations, according to the data provided by the General Council of Notaries of Spain, but, at the same time, property prices have fallen by 0.3% compared with the same month of 2014, that means that now one m2 is worth 1,226 euros / m2. Therefore, we can talk about a small increase in sales and about an adjustment of property prices in Spain. Loans, meanwhile, rose by 15%, with an average amount of 117,349 euros.

The sale of real estate in Spain registered growth during the last nine months, but in October this year the dynamics of the previous months has slowed, with a slight increase of 2.7%. The transaction, however, continue to show a positive trend, but still far from pre-crisis levels.

By type of property, apartments for sale recorded slight stagnation and showed an annual growth of 0.5%. By contrast, sales of one-family homes continued its strong growth, in this case by 10.9% year on year.

As for housing prices, according to the General Council of Notaries of Spain, the cost per square meter was 1,226 euros in October 2015, namely a slight decrease at 0.3% over the same month from last year. This evolution has been possible thanks to the increase in the price of one-family homes (4.7%), but which could not compensate the fall in the prices of apartments and flats in Spain (-1.1%).

Meanwhile, on the type of flats, the price of one m2 of second-hand housing was 1,334 euros (+ 0.3% in annual base) and in case of new properties – 1,558 euros (+ 0.3% in annual base).

At the same time, it is important to note the increase in mortgage loans in Spain, granted to the public for the purchase of residential property. In the tenth month of this year, the number of new mortgage loans amounted to 15,163, representing an increase by 15%. On average, these mortgages were issued with the amount of 117,349 euros, representing an increase by 1.8% year on year.

In addition, loans for new construction continued to grow by 13.2% in October, while the average contract fell again sharply by 19.3% for the second consecutive month, as in the case of the construction of the housing (-4.5%), as in all other buildings (-32.4%).

 

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