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February 10, 2017

The year 2016 fulfilled the sales expectations of real estate

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The forecasts of the experts regarding the increase of sales of residential properties in Spain have been met reality that has been confirmed by the official data. In other words, the National Statistical Institute of Spain (INE) confirmed that during 2016 some 403,866 transactions with houses and apartments in Spain were carried out.

Thus, the total figure of the previous year registered a growth of 13.6%, which is why it was the highest index since 2010, when some 440,000 transactions were made. Moreover, it exceeded the boundary of 1% of the 400,000 transactions, predicted by real estate experts in Spain.

From the lowest indexes of 2013, when only 312,600 real estate transactions were registered in Spain, the number of transactions increased by 29.2%. However, the current figure is still lower by 48% compared to 2007, when more than 775,000 real estate objects were sold.

During the past year, second-hand residential properties in Spain were specially requested, as four out of five operations were carried out precisely with this type of property, which was the highest level since 2007, namely, 328,248 operations. The new housing, meanwhile, recorded its worst year with only 75,618 transactions.

Regarding the latest available data, the National Institute of Statistics of Spain reported that in December 2016 were sold 29,582 properties, which was the second lowest level of the year. In addition, in October 2016 was sold even less real estate (29,369 operations). Therefore, the fourth quarter of last year was the most modest in the number of transactions in the residential real estate sector in Spain.

If we take a look at the sales data for each autonomous community of Spain, here we can find that the three most populated regions of Spain, Andalusia, Catalonia and Madrid, recorded more than half of all real estate transactions.

In particular, in total, 203,386 operations were carried out in these three regions, led by Andalusia (78,708). Catalonia, on the other hand, recorded 66,447 sales and Madrid – 58,231 transactions. They are followed by the Valencian Community, with 57,828 operations and by the Canary Islands, with 20,857. Only five regions (Asturias, Cantabria, Extremadura, Navarra and La Rioja) closed the year with less than 10,000 sales of residential properties in Spain.

This classification changes quite a lot, if we look at the growth rate of property sales of each autonomy. Therefore, while the national average increased by 13.6%, the growth of the Balearic Islands reached the 31% compared to 2015, and in Catalonia, the 20%. Above the national average are also situated the indicators of Aragon (14.7%), Asturias (16%), Cantabria (13.7%) and Extremadura (18.6%), while in La Rioja %), Murcia (7.5%) and Galicia (7.7%) was registered a more modest growth.

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