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Resales Double New Property Transactions, Total Up 14% in November

13/01/2015 – Cinco Dias

The property market of Spain keeps on picking up from record-low levels. Real estate sales advanced by 14% year-on-year in November and showed 25.200 transactions, Spain’s National Institute for Statistics (or INE) informs. During the eleven months from January to November, home sales rose by 1.1%, balancing the first-quarter figures which were unnaturally inflated by extremely poor performance a year earlier.

This improvement relies almost exclusively on the pre-owned units’ sales as from January to November their marketing has bettered 15.3%, while the new properties’ sales fell by 15.6%. In November only, the trend reached its peaks with a 20.6% decline for new housing and a 41.6% jump for resales.

In detail, of the 25.200 dwelling units sold during that month, 17.400 were existing and 7.800 were new properties, meaning a proportion of more than 2-to-1. A year earlier, the division shown more approximate numbers: 12.300 and 9.800 units respectively.

The timid opening of the mortgage market gave an impulse to the real estate sector in 2014, stabilizing the six-year continuous slump. Prices have stopped to fall and even rebounded in some places. At the same time, new loans for home purchase moved on, as well as acquisitions.

The November increase follows two previous rises registered over September (up 13.7%) and October (up 16%), running-up since August 1.1% decrease, marking the year’s lowest with 23.500 operations.

During the eleventh month of 2014, the most abrupt increase in housing sales per every 100.000 inhabitants was seen in the Valencian Community (91) and Navarre and Andalusia (81 in both).

In absolute terms, Andalusia leads in the November ranking with 5.319 deals, followed by Catalonia (3.849), the Valencian Community (3.590) and Madrid (3.042).

In relative values, year-on-year, sales went up most in Navarre (up 48.2%), La Rioja (33.3%) and Asturias (30%). Only two regions witnessed fall from the previous year: the Valencian Community (down 3.3%) and Cantabria (down 12.3%).

 

Original story: Cinco Días

Translation: AURA REE