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October 11, 2016

The evolution of sales of real estate in Spain

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The evolution of sales of real estate in Spain

Sales of houses and apartments in Spain grew by 20.3% annually in August 2016, reaching 35,501 registered operations, according to data published by the National Institute of Statistics. After a significant decline recorded in July, when growth of sales of properties in Spain reached only 1.1%, this index returned to positive developments in double digits and confirmed the normalization of the sector in the period from January to August of this year. In addition, during the eight months of 2016 the overall increase in sales amounted to 14.8% compared to the same period in 2015.

Moreover, it is worth noting that the August data, and that that will be recorded in the coming months, will be influenced by the judgment of the Supreme Court on the clauses of delay in mortgage lending, which affected the registration of new mortgage loans in July 2016. These data on mortgage loans will be reflected in the coming months.

At the same time, statistics show that in August 2016 prevailed transactions with the resale real estate in Spain, and more specifically, this segment grew by 24.6% to 29,378 operations. The market of new homes and apartments in Spain also increased by 3.3%, to 6,123 operations. However, since the beginning of the year till August 2016, the number of operations with the new properties in Spain fell by -2.4% and transactions with the second hand objects continue to increase by 19.8% in the period from January till August.

Meanwhile, the list of autonomous regions in Spain with the biggest changes in the number of purchases of residential property is headed by the Balearic Islands (49.2%), Catalonia (41.0%) and Navarra (38.1%). At the same time, Murcia (-5.2%), Galicia (4%) and Madrid (10.4%) recorded the lowest annual rates of sales in August this year.

Fernando Encinar, the head of research department of the internet portal Idealista, commented on the results the following: "Despite the impressive annual increase in sales of real estate in Spain, recorded in August and mainly related to legal issues, that caused the late registration of many operations, the market shows a steady growth. Over the past 12 months 391,126 real estates were sold in Spain, representing an increase of 13.3% compared to the same period of last year".

"Stability in the growth of housing sales in Spain, even during election campaigns, shows the good condition and strength of the domestic real estate market, which will probably end this year reaching more than 400,000 sold houses and apartments," – concluded Fernando Encinar.

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