Residential property sales in Spain increased by 23.6% in May year on year, the highest figures since January 2013, the latest official figures show.
The figures from the National Statistics Institute also show that home sales have now increased year on year for four months in a row. However, sales did fall back slightly from the year on year figure of 29% recorded in April.
The second hand market and, to a lesser extent, sales of new homes, were responsible for the May increase, up by 26.7% and 12% year on year respectively.
The data also shows that in the first five months of the year home sales increased by 15.8% compared with the same period of 2015, with second hand homes up 21.9% but new house sales down 3.4% over the five months.
Looking ahead to 2016 it looks as if the Spanish house market will continue to recover but the latest data shows it is still a rollercoaster and growth very much depends on location.
According to the latest figures from appraisal company Tinsa prices are still increasing with its latest index up by 1.9% in November year on year.
However, the increase is somewhat exaggerated by an unusual fall in prices last year and on a monthly basis prices were down a fraction compared to September.
The Tinsa index shows, however, that the recovery is broad based as house prices rose in all the areas covered. Prices in Barcelona and Madrid were up by 3%, coastal areas popular with overseas buyers saw price growth of 1.4% and the Balearic and Canary Islands 0.2%.
But the recovery still has some way to go as since the peak of the market house prices are still down 41.3% in general, and 48.2% on the coast.
Residential property sales in Spain increased in May to their highest level for three years, according to the latest official figures.
But there is an ongoing collapse in new home sales, the data from the National Institute of Statistics (INE) shows.
Overall there were 26,455 homes sale in May, up 5% on last year and 11% on the year before that. But a breakdown of the figures shows that the increase came from the resale market, up 34% over 12 months, whilst new home sales fell 42% to just over 6,000.
The overall picture is one of a recovery in demand for property in all areas where foreigners tend to buy, but with the market hamstring being a lack of attractive new homes for sale.
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