June 16, 2017

The increase of prices of new properties in Spain

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Despite the annual reduction of 2% in real estate sales in Spain in April this year, when a little more than 40,000 operations were signed, the price per square meter of houses and apartments in Spain bought in the fourth month of the year increased by 2.4% compared to the same period in 2016, i.e. up to 1,336 euros / m2, according to data from the General Association of Notaries of Spain. New properties in Spain have become the main driving power of this growth with an average increase in value by 13.8% to 1,938 euros / m2, while second hand homes and apartments in Spain increased their prices by average by 2.7% to 1,456 euros / m2. At the same time, townhouses in Spain have increased their prices by 1.1% to 1,054 euros / m2.

This data was published by the Information Center of Statistics of the Official Association of Notaries of Spain.

Meanwhile, the increase in the average price of new homes in Spain was practically the only positive indicator in April 2017 of the residential real estate market in Spain, as total sales of houses and apartments fell by 2%. More precisely, it is estimated that some 40,005 transactions of purchase and sale of Spanish real estate were made.

In addition, the biggest fall was recorded in sales of new homes and apartments in Spain, with a reduction in the number of transactions by 10.7% in annual terms. This figure was followed by a decline in transactions of buying and selling of townhouses in Spain, with a fall of 3.8%. Sales of second hand apartments in Spain, however, increased by 1.2% in April 2017 compared to the same period last year.

On the other hand, the number of mortgage loans issued by the purchase of a residential property in Spain, also decreased by 7.2% in April 2017, and therefore fell to 17,778 loans. At the same time, the average loan capital was equal to 126,646 euros, with a slight increase of 0.4% during of April this year, according to data from the Official Association of Notaries of Spain.

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