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July 3, 2014

Spanish property market in the first quarter of 2014

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Spanish property market in the first quarter of 2014

Sales of the Spanish property market in the first quarter of this year rose by 55% compared to the same period last year. According to official data of the Ministry of Development of Spain in the real estate market were involved 10.386,5 million euros till March 2014. Thus, we can say that the Spanish market private housing began 2014 with a positive balance, after three consecutive years of decline. Madrid, Catalonia and Andalusia became the Spanish regions, where it was reported the largest number of real estate transactions.

Maybe it's not the end of the economic crisis, but it becomes evident, that the Spanish real estate market improves. In the first quarter of 2014, its activity rose by 55% in volume of movable assets, compared with a year earlier. In particular, the Spanish property market has engaged till March 2014 the 10.386.500.000 euro. According to the Ministry of Development, this amount indicates that the Spanish property market recovers and shows a positive trend in early 2014. Nevertheless, these data should be considered carefully, because the first quarter of 2013 was particularly vulnerable because of the negative effects of the cancellation of tax incentives for the purchase of property and the increase in the VAT rate for new properties.

The resulting sum of the real estate market of 10.386,5 million euros corresponds to 77.271 registered real estate transactions, which were carried out in Spain in the period from January to March 2014 (49% more than the year before). In addition, this amount shall be distributed as follows: the share of sales of second homes was of 8,648,300,000 euros (up 62%), while the share of transactions with new properties – 7.682.300.000 euros (+ 27%).

Region, where it was registered the largest number of real estate transactions in the first three months of this year, became Madrid, with 2.106,6 million euros. Followed by Catalonia (1.890,9 million euros), Andalusia (1.851,6 million euros) and Valencia (1,194 million euros). Followed by the Basque Country (485.7 million euros), Canary Islands (469.9 million), Balearic Islands (443.7 million) and Castile-Leon (346.3 million).

 

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