Spanish property in greater demand as INE confirms July numbers push transactions to more than 300.000
According to Spain’s Instituto Nacional de Estadística (National Institute for Statistics) the number of properties sold in Spain continues to be on the increase with INE reporting 45.900 transactions in the month of July 2018 and a total of around 308.000 Spanish property transactions in the first seven months of 2018.
The July figures are 16.9% up year-on-year and are so far the third highest monthly figure in 2018, an 11.7% increase on the 2017 figures. 38.120 second hand Spanish properties exchanged hands in July whilst 7.780 new build Spanish properties were exchanged. The market for resale property in Spain dominated with around 83% of all transactions.
According to the official figures published by the Instituto Nacional de Estadística, the top four places in Spain for property sales in July were Andalucia, Catalonia, the Valencian Community and Madrid. Each of the areas reported more than 7.000 property transactions each with the Comunidad Valenciana reporting the strongest per 100.000 inhabitant sales at 185, while madrid reported 137 sales per 100.000 inhabitants and the Balearic Islands reported 172 sales per 100.000 inhabitants.
The sale of Spanish homes has grown 16.2% year on year during the month of July, with an increase of more than 20% in Aragon (32%), Galicia (28.6%), Castilla-La Mancha (27.1%), Comunidad Valenciana (25.7%), Extremadura (23.8%), Castilla y Leon (23.4%), Murcia (23.1%), Islas Baleares (20.4%), and Andalucia (20.9%).
Madrid and Catalonia registered year-on-year increases which were below the national average, with Catalonia only seeing a year-on-year increase of 4.4%. Two communities, Canarias and La Rioja, registered decreases of almost 4% on their year-on-year sales.
In 2008, there were some 552.000 property transactions recorded. If property sales in Spain grow at the same pace for the rest of 2018, it is expected that there will be some 530.000 property transactions this year.