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May 5, 2017

Statistics of the Spanish real estate market at the end of 2016

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The General Council of Notaries of Spain presented the official statistics of the Spanish real estate market at the end of 2016.

During the last quarter of 2016 sales of residential properties in Spain increased by 9.4% on annual basis, thanks to the efforts of all regions, with the exception of Aragon and Navarre, where sales fell by 7.3% and 2.8%, respectively. The average price of houses and apartments in Spain increased by 3.6% per year to 1,336 euros per m2, led by the Balearic Islands (2,117 euros), the Basque Country (2,114 euros) and Madrid (1,923 euros), according to General Council of Notaries in Spain.

The rest of the autonomous communities of Spain showed a positive growth in sales of residential properties at the end of 2016, among which stand out Catalonia (20.3%), Cantabria (15.1%), Balearic Islands (13.7% %), Castilla-La Mancha (13.1%), Valencia (12.8%), Leon (11.9%) and Madrid (8.7%). More moderate growths were registered in La Rioja (1.2%), in the Canary Islands (2.2%) and in the Basque Country (3.1%).

Meanwhile, the price of real estate in Spain fell only in three autonomous regions of the country: Aragon (-5.5%), Extremadura (-3.5%) and Basque Country (-2.1%). The autonomous communities, where the average price of the houses and apartments increased, included Navarre (12.7%), the Canary Islands (10.1%) and Castilla-La Mancha (7.2%).

In addition, sales of houses and apartments in Spain in the last quarter of 2016 showed a 9.6% increase at the national level. In this case, the highest increase in sales of apartments was registered in Catalonia (21.6%), Cantabria (18.5%), in the Balearic Islands (14.2%), Valencia (13.3%) and in Castile Leon (11.3%). On the other hand, only four Spanish autonomous regions registered a negative growth in sales of residential properties: Aragon (-7.5%), Canary Islands (-5.8%), Navarra (-2.6%) and La Rioja (-0.9%).

At the same time, the average price per m2 of flats and houses in Spain registered an average annual growth of 4.5% at the end of 2016. Among the regions of the country, however, there was a remarkable inequality of this indicator. Among the autonomous communities, which raised their real estate prices, were Castilla-La Mancha (14.3%) and Navarre (13.1%). Meanwhile, five autonomous regions recorded a decline in prices per m2 of residential properties, including Extremadura (-7.2%) and Aragon (4.9%).

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