BBVA: Property Sales Down 1.1% in October

5/01/2015 – Expansion

Housing sales declined in last October but they continue to show ‘a positive trend’ over the year, whereas prices are nearing stability, informs bank BBVA in its Flash of Spanish Real Estate report.

Production ‘maintains the progress added up in the last months’ by, for instance, Social Security data which points at a 0.7% increase in October and November.

During the month of October, home sales went down by 1.1% which, nothwithstandingly, ‘does not interrupt the growth path’ observed over the past months as the transactions sealed since January have already reached a 17.3% upsurge from the previous year.

Employment is heading upwards and financial circumstances are going stable but the customer confidence ‘lags behind as limited optimism about the future Spain’s economics persists’.

Likewise, activity in the mortgage market has been increasing and new loan approval for house purchase in October showed a staggering 23% year-on-year rise, supporting the trend climbing up.

In turn, there was a 21% increase in land deals registered in the third quarter of the year.


Original story: Expansión

Translation: AURA REE