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November 5, 2015

Property market in Spain continues its standardization process

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Property market in Spain continues its standardization process

The latest data from residential real estate sector in Spain confirm the standardization and moderation process in the housing market in 2015, after years of unfavorable economic crisis, according to the latest financial corporation BBVA Research. In addition, the positive data on the number of property sales, of issue of mortgage loans and of new licenses for construction, are now reinforced with the data on the increase in sales of land and plots.

Activity in the property market in Spain is increasing. Although recent data were subjected to seasonal changes of August, they are still encouraging. August of this year was the best in the number of sales since 2009. More exactly, real estate sales have grown by 7.3% year on year, although they fell by 9.6% compared to July of this year.

Mortgage loans issued for the purchase of residential property increased by 20.8% on annual basis, according to the General Council of Notaries of Spain. "The mortgage market continues to show growth trend in the first eight months of this year, the issue of mortgage loans increased by 27.9% compared with the same period last year," – stress the experts of research department of BBVA.

In addition, new licenses and permits for residential construction also show a positive rate of development. Their number has increased significantly since late last year. During the period from January to August 2015, the increase was by 27.9% compared with the same period last year. Therefore, this August became the best month of the last two years when, in general, the number of applications for authorization of new construction is decreasing.

These data are supplemented with the evolution of sales of land in urban areas. Again, it is necessary to consider the seasonal influences of August, which led to the modest growth of only 1% in annual terms. In the first eight months of the year, however, the growth was by 16.7%.

"This increase in the sale of land plots is largely an excellent guarantee for the future development of construction activity since the acquisition of urban land by construction companies and contractors, is the first step to start construction of residential property, "- add the experts of BBVA Research.

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