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August 11, 2014

Property sales in Spain increased

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According to official data the real estate sales in Spain rose by 8.8% in June 2014, but, at the same time, were sold fewer new houses than ever before. To be more precise, the 26,076 houses and apartments were sold in June 2014, which is 8.8% higher compared with a year ago, and that means an increase in real estate sales during the past four months, according to data from the National Statistics Institute (INE) of Spain. A particular highlight of this data is that it was sold fewer new houses than ever before, namely 9,819 units. The data collected by the INE include the closed transactions of sales of real estate, which have been compulsorily registered by notary two or three months before the registration of the property in the real estate register.

However, compared with the previous month, May 2014, the real estate sales in Spain fell by 7.3%. At the same time, 37.7% of real estate transactions made in June 2014, were with new objects and 62.3% with the secondary real estate. The number of operations with the new real estate fell by 3.0% to 9,819 units, the lowest figure recorded by the National Institute of Statistics, and with the secondary has increased by 17.4% to 16.257 units, compared with June 2013.

Autonomous communities in which it was registered more sales were Andalusia, with 5,220 sold objects, Catalonia, with 3,961, the community of Madrid, with 3,789, and Valencia, with 3,786 sold objects, respectively.

For these data, Fernando Encinar, the head of research of the real estate portal, noted that “the upward trend compared with the data in 2013 continues with an annual increase of 8.8%, but it can lead to false expectations among sellers, as well as slow down the further decline in property prices in Spain”. In this sense, we should also take into account data on average monthly sales decline of 7.3% published by the National Statistics Institute of Spain.


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