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April 10, 2017

Sales of real estate in Spain have risen

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The sale of residential real estate in Spain has maintained its upward trend in the first years after the counting of closed transactions in February 2017. During the second month of the year the growth rate has been reduced to 1.2% to 35,610 transactions, after the excellent data for January 2017. Despite this, since the beginning of this year more houses and apartments in Spain have been sold, according to statistics presented by the National Institute of Statistics of Spain (INE). If this positive trend continues, the 2017 could end with more than 440,000 real estate transactions, which have not been recorded since 2008.

To be more specific, home sales in Spain increased by 1.2% in February 2017 to 35,610 operations, according to the National Statistics Institute, i.e. an increase by 9.3% compared with the previous year. Thus, this February became the 13th consecutive month that registered a growth in sales, since only January of 2016 presented a negative annual variation.

According to the type of residential property, second hand houses and apartments in Spain have lead the classification of operations with an increase by 6.1%, to 29,171 transactions and thus continue to accumulate positive statistics during the 36 consecutive months. Figures for February 2017 did not repeat the record growth in January this year; however, the sales figures for secondary real estate objects now are closer to 2007 levels.

On the contrary, the sale of new homes and apartments in Spain fell by 16.3% to 6,439, the lowest figure since January 2016.

By region, statistics show that La Rioja (14.9%), Castilla y Leon (9.9%) and Catalonia (8.7%) recorded the highest annual rates in the number of sales of houses and flats in Spain. At the same time, the Basque Country (15.7%), Cantabria (-9.6%) and Galicia (-5.9%) recorded the main negative changes in February this year.

Fernando Encinar, head of the research department at website Idealista, said that "although these figures are not very noticeable, and statistics show a decrease compared to January 2017, we see them as a positive fact. This has been the best February for the Spanish real estate market since 2011. On the other hand, if we consider the properties sold in the last twelve months, we can talk about more than 410,000 houses and flats sold, which is 14% More than in the previous 12 months, which brings us closer to the normalization of the Spanish real estate market."

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