INE: House Sales In Balearics Rose By 32.8% In Nov 2016

16 January 2017 – Diario de Ibiza

House sales rose by 32.8% YoY in November in the Balearic Islands, as 1,258 operations were closed, representing the highest increase of all of the autonomous regions.

Of the homes sold, 1,234 were unsubsidised and 24 were protected (subsidised); meanwhile, 232 were new homes, compared with 1,026 second hand, according to data published on Thursday by Spain’s National Institute of Statistics (INE).

The total number of properties sold on the islands in November 2016 amounted to 4,208, up by 2.9% compared to the same month a year earlier.

Overall in Spain, house sales rose by 17.3% in November with respect to the same month in 2015, with 33,806 operations recorded in the property registries, to complete ten consecutive months of increases.

According to the data from INE, house sales grew by 15.1% between October and November 2016.

This monthly rate is 10.6 basis points higher than that registered during the same period a year ago, when the increase amounted to 4.5%, and is the highest monthly variation since 2012.

Second-hand homes

The increase in sales in November was due yet again to the second-hand market, which increased by 19.8% to reach 27,996 transactions, whereby accounting for 82.8% of the house sales registered.

The number of operations involving new homes also rose although to a lesser extent, by 6.8%. 90.3% of all homes sold were unsubsidised compared with just 9.7% that were protected (subsidised).

By autonomous region, the sale of homes grew by 32.8% YoY in the Balearic Islands; by 26.3% in the Canary Islands; and by 25.8% in Aragón, which saw the highest increases. By contrast, La Rioja, País Vasco and Galicia recorded the lowest increases.

In total, the number of properties (rural and urban) registered as sold in the property registries during the month of November stood at 143,470, up by 6.8% compared to the same month in 2015.

In the case of property sales recorded, the increase amounted to 15.6%.

Original story: Diario de Ibiza

Translation: Carmel Drake