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September 3, 2014

The number of loans for the purchase of real estate increased by 37.6% in June 2014

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The number of loans for the purchase of real estate increased by 37.6% in June 2014

Mortgage lending in Spain increased again. At the same time, was registered the increase of real estate sales and of new construction properties, as the economy and industry of the country are gradually starting to recover and to strengthen.

In June the number of mortgage loans for the purchase of housing rose by 37.6% year on year, while the sales of properties registered an increase by 27.4%, according to the General Council of Notaries. Thus, the number of new mortgages in the month of June was 22,986, which implies an increase of 1.2%. The average loan size for home purchase was about 106,639 euros, which is 5.1% less than in the previous year. Besides, the mortgages issued for new construction rose by 23.7%.

According to official figures, the sale of property in Spain also increased markedly. In the month of June, in particular, has been sold 16.3% more of real estate objects, compared with June 2013.This increase is due to the normalization of the market after the abolition by the Government of Spain the tax deduction for the purchase of property. It also reflects the stabilization of the monthly sales. In particular, it has been registered 30,231 real estate transactions in June 2014, representing an annual increase of 16.3%. It is reduced to 13.4%, if the sales figures are adjusted according to seasonality. At the same time, the statistical data go in accordance with the increase in the construction of new buildings.

By type of property, the sales of apartments registered an increase of 11.6%. This increase in home sales was primarily due to an increase in transactions with the secondary real estate, namely 21.9%, compared with sales of new homes, which fell by 24.4% anually. As regards to the sale of one-family homes, they showed an increase of 37.9% compared to June 2013.

The average price per square meter in June 2014 amounted to 1,214 euros, so it fell by 5.7%. In the case of apartments, this reduction in the cost per square meter was of 3.9%, and thus established at 1,316 euro. Price per square meter of the secondary real estate was 1.277 euros, 5.5% less than in June last year; and of new properties – 1,603 euros, an increase of 10.6%.

 

 

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