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May 18, 2017

Property sales in Spain surpassed the number of 40,000 transactions

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Transactions with apartments and houses in Spain in March of this year increased by 26.9% annually to 40,461 transactions what was not recorded since 2011. According to the statistics of the National Institute of Statistics (INE), in the first quarter of 2017 was recorded the best figure in the last six years, with 114,528 transactions. The leaders, in this case, were the sales of second-hand homes and apartments in Spain.

In addition, of these, the 33,100 operations involved the sale of second-hand properties in Spain, an increase of 28.3% in annual terms, and therefore it can be said that real estate sales are increasing over the last 37 months. In fact, these high rates of sales of second-hand apartments and homes in Spain were not recorded since 2007, in the boom of the real estate sector.

In March of this year, real estate sales in Spain grew by 26.9% per year, exceeding the threshold of 40,000 transactions, the fact that it did not occur in the market since February 2011, when 45,107 transactions were registered, according to The National Institute of Statistics of Spain (INE).

To know exactly why the data of sales of houses in Spain returned to register their levels of the years before the economic crisis, it is necessary to take into account some of the following reasons. Apart from the fact that the housing stock in some regions continues to decline, it is also necessary to consider that every time less residential properties in Spain meet the requirements of the National Institute of Statistics (INE) of passing no more than one year after the date of completion of the construction of a house or an apartment to be registered as a new object.

On the other hand, sales of new homes in Spain grew by 21.2% in March 2017, to 7,361 transactions, which was its best indicator last year. This evolution of the changes is the highest since August 2010.

All regions of Spain registered the growth of property sales in March 2017, except the Canary Islands. The highest rates of annual changes were in Cantabria (48.3%), Aragon (45.2%) and La Rioja (41.4%). Together with the Canary Islands, the lowest rates were recorded in Extremadura (11.5%) and Madrid (14.9%).

In addition, 15% growth was recorded in the first quarter of this year compared to the first quarter of 2016. With 114,528 real estate transactions in Spain, this was the best quarterly data from 2011.

Fernando Encinar, the head of the research department of Idealista’s website, said that “the data of March 2017, which exceeded 40,000 transactions, represents a historic moment in the normalization of the Spanish real estate market. Despite continuing to develop at two speeds, the fact that there were signed more operations than last year in all regions (except the Canary Islands) is a sign that an increasing number of national markets are approaching the equilibrium.”

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