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October 28, 2016

The increase of sales of real estate in Spain

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Purchases and sales of houses and apartments in Spain grew by 17.4% in September 2016 compared to September last year to 22,667 transactions, so did mortgage loans that increased by 20.7% compared to the same month of 2015 to 10,261 new credits. Furthermore, according to the official Association of Notaries, prices of m2 of real estate in Spain decreased by 4% during the ninth month of the year, therefore it is equal nowadays to 1,116 euros / m2.

Sales of secondhand apartments and houses in Spain prevailed in September 2016, as the number of transactions with these types of properties increased by 19.7% in terms of annual data, compared with a reduction of transactions with new objects by 9.3% over the same period of 2015. On the other hand, sales of townhouses in Spain also increased by 16.6%, according to the annual statistics.

The average amount of mortgage loans, meanwhile, recorded a slight decline of 1.7% to 109,344 euros, which is consistent with a decrease in 4% of the average price per square meter of real estate in Spain sold during the ninth month of the year.

"This cheapening of square meter of residential property in Spain is due both to the fall in prices per square meter of townhouses (4.7%), and to the decline in prices of apartments and flats (- 3.5%)," – commented on statistics the experts of Association of Notaries in Spain.

In addition, the experts of Spanish property market say that it is already an obvious fact that the real estate sector in Spain has resumed its activity and the price of housing in Spain has stabilized after 8 years of their reductions during the economic crisis in the country. For example, Beatriz Toribio, the head of research department of website Fotocasa, pointed out that "fluctuations in the index of real estate prices of Fotocasa, which have been registered in recent months, are the result of market trends on stabilizing of property prices in Spain, which have lost 45% of their value registered before the crisis. But at the same time, the development of the Spanish property market is being made very unevenly, depending on the area of ​​the country. While in some regions annual or quarterly increases in prices of houses and apartments are recorded, in other areas the prices continue to fall, and they will do so for longer, because the stabilization process is not completed yet."

"The sector still has not recovered completely; however, there are clear signs of normalization. Purchases and sales of properties in Spain are growing; mortgage lending and prices tend to stabilize. This, however, does not mean that prices have reached their bottom throughout the country, but only in some of its areas,” concluded Beatriz Toribio.

Therefore, during the remaining part of 2016, we will see ups and downs of several indicators of the Spanish property market (prices, purchases and sales, the number of mortgage loans), which is a logical consequence of stabilization that this sector is experiencing at the present.

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