Q2: Home Sales Up 12%, Linking Two Quarters of Rise

25/09/2014 – Cinco Dias

Residential sales shot up by 12.2% in the second quarter of the year over the same period of time in 2013. This is the second consecutive quarterly increase and the best score since the second quarter of 2010.

Specifically, 91.338 dwellings changed hands from April to June 2014, while in the above mentioned last-peak quarter they hit 150.494 transactions.

The information comes from the latest report by the Ministry of Public Works that considers the data exceptionally reliable due to not being influenced by last year’s taxation revision.

After four consecutive quarters of year-on-year falls, real estate transactions bounced back by 48.5% in the first quarter of the ongoing year and it was the highest upsurge in history, marking and evoking hope for the turn in tendency.

In spite of the clear Q2 2014 rise, the number of deals still stays far behind the quarterly record established in Q2 2006, when 251.649 houses were sold, meaning 63.7% more than presently.

Unsubsidized housing sales totalled at 87.037 units, representing 95.3% of all deals, while 4.301 contracts corresponded to subsidized properties (4.7% of the total).

By dwelling type, new housing units accounted for 15.7% of all sales (14.296 operations), whereas resales represented 84.3% (77.042 deals).

Speaking of the contribution of the foreign buyers, they have been buying more for the twelfth consecutive quarter, in the second quarter purchases by them took place by 20% more often, starring at 14.952 transactions.

Altogether, residents and non-residents bought 16.154 homes, accounting for 17.7 % of the total and setting a new record high.

By Spanish provinces, foreign investors acquired most properties in Alicante (3.993), Malaga (2.222), Barcelona (1.317), Tenerife (987) and Madrid (933).

Analyzing the sales development over the last 12 months, five regions and two independent cities have performed better: the Canaries, Madrid, Catalonia, the Balearic  Islands, Navarre and Ceuta and Melilla.

 

Original article: Cinco Días (after: Efe)

Translation: AURA REE

45