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June 16, 2014

Selling real estate in Spain rises

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Selling real estate in Spain rises

The total number of operations of buying and selling property in Spain increased by almost 50% in the first quarter of 2014. Thus, the real estate market of the country left behind four consecutive quarters during which the number of real estate transactions declined steadily.

We must go back to 2010 to see the first quarter with an increase in the number of sales. According to the Ministry of Development, between January and March 2014, it was sold 68,055 of secondary real estate (50% increase) and 13,303 of new properties (39.7% more).

Spanish property sales rose by 48.4% in the first quarter of 2014 compared with the same period in 2013, and was thus registered the largest increase in this historical figure, which moved during four consecutive quarters of previous years consistently down, according to the Ministry of Development in Spain. In April alone, sales rose by 5.3%, according to data of the National Statistics Institute (NSI). Nevertheless, the level of sales is still far from the maximum performance achieved in the second quarter of 2006 (251.649 real estate transactions).

To find the first quarter with an increase in real estate transactions, we must go back to 2010, when there were 153,164 operations against the current 81,358 transactions.

Despite this increase, real estate transactions fell by 13% compared to the previous quarter of 2013. From January to March this year was committed 81.358 operations, and this figure contrasts with 54.835, which were recorded in the registers of the real estate in the same quarter last year.

Data from the Ministry of Development of Spain also reported that during the first quarter of 2014 increased the number of real estate transactions involving foreign nationals, namely in 52.6%. In general, 13,645 transactions, 16, 8% of the total, were committed by foreigners, residents and non-residents in Spain. Thus, with regard to sales made by foreign residents in Spain, there is annual growth for the eleventh consecutive quarter.

According to the country's provinces, with the largest number of purchases by foreign residents lead Alicante (3,191), Malaga (1,853), Barcelona (1,150), Tenerife (1,021) and Madrid (784). In the first three months of this year, Madrid and Barcelona showed the best first quarter since 2008 and 2007, respectively. Analyzing trends over the past 12 months, three regions in Spain have shown positive behavior: Canary Islands, Madrid and Catalonia, with an annual increase of 13.9%, 4.2% and 1.7%, respectively.

 

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