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November 18, 2014

Real estate sales rose 1.4% in the third quarter of 2014

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Real estate sales rose 1.4% in the third quarter of 2014

While prices in the property market remained fairly stable, sales of houses and apartments in Spain rose 1.4% in the third quarter of 2014, according to official data the College of Registrars in Spain.

 

Sale of real estate in Spain reached 79,561 operations in the third quarter of 2014, which is 1.4% more compared to the previous quarter and more and more of the low figures achieved in the fourth quarter of 2013, when were closed only 72,560 purchases, according to the statistical real estate register.

Sales in the third quarter of 2014 are the second best result in the last six quarters, which was surpassed only by the excellent data of the first quarter of this year, with 83,022 committed transactions of purchase and sale.

This positive result was achieved “only” thanks to the secondary housing segment, with sales of 52,127 and an increase of 8.9% year on year, that is almost two times higher than the operations with a new property in Spain, with 27,434 purchases, 10, 3% less.

Meanwhile, the housing prices in the country remain “stable”, with a slight change (-0.08%) compared with the previous quarter, albeit with a favourable tendency to growth, in this case by 1.1% per year. At the same time, the cumulative decline in real estate prices from 2007 reached 32.4%.

According to the College Registrar, decline in property prices and growing demand for it from foreign buyers are among the important factors that have brought the best performance in recent quarters.

For its part, the General Council of Notaries also published this week, official data that home sales rose 20.7% in September 2014 compared with the same month in 2013, up to 26,778 transactions, thus the number of operations in the third quarter increased by 8.6%.

Statistical data emphasizes standardized monthly data after the end of tax incentives for the purchase of real estate, which entered into force in January 2013, and some stabilization in sales, as observed in recent months.

In September 2014, the average price per square meter was 1,187 euros, which represents a decline of 2.9%.

 

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