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May 18, 2015

Review of Spanish property market

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The Spanish legislators of operations with real estate have found that the growth of housing prices in the country amounted to 2.65% and the sales increased by 9% in March 2015.

Therefore, the cost of real estate in Spain during the first quarter of this year increased by 2.65% a year, according to official data of the Association of Registrars, which also reported an increase in sales in t9.05% compared to the same period in 2014, to 90,534 real estate objects. These positive results were achieved primarily due to sales of second-hand real estate (67.864 units). At the same time, 12.22% of Spanish properties were bought by foreign citizens.

Compared to the previous quarter, however, the property prices in Spain (according to the methodology of the Case & Shiller), showed an increase of 1.88% till March 2015 inclusive. From its peak in 2007, the real estate prices have registered a decrease of 31%.

At the end of the first quarter of 2015 the number of transactions for the purchase and sale of resale property in the last twelve months was 326.440 units, an increase of 7,512 in the number of purchases recorded in relation to annual results of the previous quarter.

The real estate sales from January till March 2015 by the principal nationalities of Spanish property buyers showed the following data.

The proportion of foreigners in the purchase of real estate amounting to 12.22% of all registered transactions, against 13.88% in the previous quarter. Although property purchases by foreigners increased in absolute terms, the percentage decrease was mainly due to the increase in the total number of acquisitions, as well as seasonal factors, since traditionally during the first quarter of each year is recorded less transactions of purchase and sale transactions with foreigners. In annual terms, the number of purchases by foreigners in the first quarter increased by 8.95% compared with the same quarter of 2014.

By nationality, the number of Spanish property purchases is  still leaded by the citizens of the United Kingdom (17.70%), France (10.19%), Germany (7.70%), Belgium (7.44% ), Sweden (5.48%) and Russia (5.03%).

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