Spanish house prices have increased at their fastest rate since the downturn, up 5.12% in the 12 months to the end of June, the latest index report shows.
This is up from 2.65% in the previous quarter, according to the data from the Property Registrars which also shows that quarter on quarter price increased by 2.8%.
The latest rise in price growth means that prices are down 29% nationally since the peak of the market, but there are considerable regional variations.
The recovery in the Spanish property market is limited to the most popular areas where houses are in demand such as Madrid, the Balearics, the Canaries, Catalonia, and the Valencian Community and the report points out that this is reflected in prices.
It points out that sellers and buyers are adjusting their expectations accordingly. In more and more areas buyers who have been adopting a wait and see attitude whilst prices fell are now entering the market.
...continue reading "Property registrars in Spain report annual price growth of 5.12%"
The number of homes sold in March increased by a healthy 12 per cent compared to the same time last year, but house prices slumped by 7.5 per cent in the same period, reveal the latest figures from the Spanish Notaries’ Association (Consejo General Del Notariado).
The Notaries witnessed 34,736 homes sales in March, up from 30,950 the same time last year, a rise of 12 per cent.
The increase in sales would have been even bigger were it not for another huge monthly fall (32.6 per cent) in the number of new flats sold, as the supply of attractive new homes dries up.
Rising sales were accompanied by yet another month of falling prices – the biggest in more than a year. The average price of property in Euro per square metre was 1,202 €/sqm, down 7.5 per cent on last year, and 36 per cent since the start of the crisis in 2007.
...continue reading "The number of homes sold in March increased by a 12 per cent"
Home sales in Spain increased again on an annual basis in September after dipping in August, according to the latest figures from the National Institute of Statistics.
Sales went up 13% in September and excluding social housing, there were 24,096 sales registered, the highest level in four years and 14% up on a monthly basis.
In the 12 months to the end of September there were 216,682 sales inscribed in the register, almost identical to the same period last year.
This year is clearly an improvement on last year, excluding the first two months of the year when figures were artificially distorted by tax changes.
The data also shows that the difference between resales and newly built properties continues to widen, though sales of both types increased in September, with resales up 17% and new builds up 10.5%.
A breakdown of the figures on a regional basis show that the province of Malaga, which includes the Costa del Sol, along with the Balearic islands have seen sales rise close to 15% this year.
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Just a day after Economy Minister Luis de Guindos said that the housing market was beginning to touch bottom in a recovery that is gathering pace, the National Statistics Institute (INE) on Tuesday announced that home sales plunged in November of last year to their second-lowest level since the crisis began around the start of 2008.
The INE said housing transactions in the month shrank by 15.7 percent to 21,847, a figure only above that of April 2012, which coincided with that year’s Easter holidays and therefore had fewer working days.
Despite an accumulated fall in prices since the highs set in 2007 of around 40 percent after a decade-long boom that suddenly burst, house sales have fallen for the last seven straight months. In the first 11 months of last year, home sales dropped 2.1 percent.
Demand is being restrained by a jobless rate of just under 26 percent and by falling wages as Spain strives to restore its competitiveness and export its way out of the crisis. Banks have also tightened lending conditions.
...continue reading "Bad news for home sales in Spain, despite the fall in prices"