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August 12, 2016

Sales of properties in Spain continue to rise

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Sales of properties in Spain continue to rise

The real estate market in Spain has improved its sales indicators, as evidenced by the annual increase in June 2016 at 19.4%, i.e. up to 36,856 transactions, according to data published by the National Statistics Institute of Spain. Six months of this year showed figures that have not been seen since the end of the tax benefits for the purchase of residential property in Spain in 2012. In addition, housing sales increased by 16.4% during the first half of 2016 to 207,593 units, therefore, these figures have improved the result of the same period of 2010, but they are still far from the activity recorded during the boom of the real estate market in Spain.

The registered 36,856 transactions of purchase and sale of residential property in Spain in June 2016 represent the best data for the year 2016, and also an increase by 1.2% compared to May 2016, as well as an increase of sales by 19.4% over the same month of 2015. Therefore, sales of residential property in Spain continue to grow during the 21 of the past 22 months. Only in January 2016 the comparative figures for the same month of last year showed a negative result.

By type of real estate, we can say that the market of second-hand apartments and houses in Spain grew by 24% in June 2016 compared to last year, and thus it has already registered more than 28 consecutive months of growth. Meanwhile the sales of new homes rose by 2% compared to June 2015. In addition, the National Institute of Statistics also notes that throughout 2016 have been sold 207,593 objects of residential real estate in Spain, representing an annual increase by 16.4%, and the best indicator recorded in the period from January to June since 2010, when it accounted for 225,622 transactions.

Therefore, according to the evolution of these data and especially as highlighted by the real estate experts, the year 2016 will finish with over 400,000 transactions for buying and selling homes in Spain that the domestic market does not record since 2010.

However, these figures are still far from the highs reached in 2007 when 775,330 residential properties were sold, and only in the first half of that year were sold 432,608 houses and apartments in Spain, which represents by 52% more than the official data known until June 2016.

Far from the data during the real estate boom in Spain, but it is worth noting that 2016 continues to improve month after month the figures recorded during the worst months of the economic crisis in the Spanish property market. For example, last 2013 marked the lowest annual data on home and apartments sales with 312,593 transactions. In the period from January to June 2013 only 171,846 residential properties were sold. However, this indicator was recovered in the following year 2014, which recorded 318,830 sales.

Returning to the data of June this year, the official data from INE show that the regions with the highest number of real estate sales in Spain per 100,000 inhabitants were the Balearic Islands (136), Valencia (128) and the Canary Islands ( 118). At the same time, the regions with the highest rates of annual changes were the Balearic Islands (36.2%), Catalonia (34.4%) and Castilla-La Mancha (32.3%). Nevertheless, Navarra (-12.7%) and La Rioja (-12.2%) registered a negative evolution of annual volume of sales of residential property in Spain.

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