Property Sales Still Sound Asleep

10/04/2014 – El Mundo

According to Spain´s National Institute of Statistics, in February, housing sales dipped by 27.6% compared with the same month of 2013 down to 25.717 transactions.

The year-on-year decline is by 4 bps higher than in January, when it showed a 23.2% drop-off. Considering the data from January and February, the sales fell by 16.1% in month-on-month terms. (…)

Both sales of new and pre-owned houses experienced acute decrease, by  37.4% (11.544 transactions) and by 17% (14.173 units sold) respectively. In regard to the two first months of 2014, the total sales backlog represents a decline of 25.3% (-32.3% in new units and -18% in pre-owned). Moreover, free homes represented 90.4%, whereas subsidized dwellings only 9.6%.

The biggest number of transactions involving houses (per 100.000 inhabitants) is found in the Valencian Community (94), while Andalusia leads in the used house sales ranking with 5.182 transactions, followed by the Valencian Community (3.842), Madrid (3.776) and Catalonia (3.625). On the other side, La Rioja (212), Cantabria (282) and Asturias (418) performed the poorest.

The only region where the year-on-year sales rate went up is the Canary Islands (+5%), whereas it most went down in Asturias (-43.5%), in La Rioja and Cantabria (-42.2%) and Galicia (-41.2%).



Original article: El Mundo

Translation: AURA REE