The decrease in the number of travellers caused a drop in spending – foreign tourists visiting Spain in March spent just €2.2 billion, down by 63.3% YoY.
Spain received only two million international tourists in March, which represents a drop of 64.3% compared to the same month in 2019, according to provisional data from the Frontur survey published by the National Institute of Statistics (INE) on Wednesday. The main reason for this fall is the Covid-19 health crisis that is plaguing the country – and much of the world – after the State of Emergency was decreed on 14 March.
Naturally, the decrease in visitor numbers had an impact on spending – foreign tourists visiting Spain in March spent just €2.2 billion, down by 63.3% compared to the same month a year earlier, according to provisional data from the tourist spending survey published by INE on Wednesday.
Spain’s Gross Domestic Product (GDP) registered a fall of 5.2% in March with respect to the previous quarter, the largest in the historical series, which began in 1970. The data only includes the first 15 days of the lockdown in March, but already construction sank by 8.1%.
The country’s Gross Domestic Product (GDP) registered a fall of 5.2% in the period January to March compared to the previous quarter, the largest in the historical series, which began in 1970.
The data, according to the Quarterly National Accounts for Spain published by the National Institute of Statistics (INE), includes only the first 15 days of the lockdown in March. Nevertheless, construction growth sank by 8.1%, by more than GDP, which worsened the cooling that the sector was already experiencing. Meanwhile, real estate activity registered a decrease of 2.7%.
In February, 36,050 mortgages were constituted on homes, up by 16.1% compared to the same month in 2019, according to INE. The volume of capital loaned soared by 64.8% in inter-annual terms, albeit pre-coronavirus.
In February, 36,050 mortgages were constituted on homes, as recorded in the property registers, up by 16.1% compared to the same month in 2019, according to the National Institute of Statistics (INE). Meanwhile, the capital loaned soared by 64.8% in inter-annual terms, albeit pre-coronavirus.
With this data, the signing of home mortgages has registered three consecutive months of increases after rising by 43% in December and by 6.1% in January.
The number of unemployed people rose by 121,000 during the first quarter, which means an increase of 3.79%, taking the total number out of work to 3,313,000.
The unemployment rate stood at 14.4% in the first quarter of the year, which is 63 hundredths more than in the previous quarter. The number of employed people decreased by 285,600 to March with respect to the previous three months, which represents a fall of 1.43% and means that the total number of employed people fell to 19,681,300, according to data from the Active Population Survey (EPA), prepared by the National Institute of Statistics (INE).
The number of unemployed people rose by 121,000 during the quarter, which means an increase of 3.79%, taking the total number out of work to 3,313,000. By sector, in the industrial sector, employment increased by 5,600 people. By contrast, it decreased in services, with 275,900 fewer people employed; in agriculture, by 9,100, and in construction, by 6,200.
Hotel occupancy rates fell by more than 45% in March, after just 15 days of confinement, and the average revenue per room decreased by 41%.
On Thursday, Spain’s National Institute of Statistics (INE) published the first official figures showing the impact of the coronavirus on the Spanish tourism market. According to this data, in the month of March alone, with lockdown measures decreed on the 14th of the month following the State of Emergency, hotels in Spain saw a 41% decrease in their revenues, whilst occupancy rates fell by more than 45%.
In March, the average daily revenue per available room (RevPAR) -which is determined by the occupancy rates recorded in hotel establishments- stood at €29.7, down by 41% compared to the same period in 2019. The average daily rate for each occupied hotel room (ADR) was €78 in March, which represents a decrease of 4.2% compared to the same month of 2019.
The sale and purchase of homes registered an increase of 0.1% in inter-annual terms in February and a drop of 6% in monthly terms, to a total of 44,104 transactions.
House sales registered an increase of 0.1% in inter-annual terms and a drop of 6% in monthly terms, to a total of 44,104 transactions, according to data published on Tuesday by Spain’s National Institute of Statistics (INE). The monthly variation in house sales was 2.6 points higher than that of the previous year.
The figure of 44,104 house sales registered in the month of February 2020 is the highest recorded in the month of February since 2011, when 45,107 house sales were registered.
Business confidence in the second quarter of this year has decreased by 26.9% compared to Q1, a record low that marks the largest decline in the series since it began in 2013.
The National Institute of Statistics (INE) has published the Harmonised Business Confidence Index (ICEA), which stands at 95.5 in the second quarter of 2020, its lowest value in history. Transportation and hospitality (−32.4%) recorded the greatest decrease, followed by construction (-29.3%). For its part, industry (−23.3%) registered the lowest decrease.
75% of the companies surveyed by the National Institute of Statistics consider that the outlook for their businesses for the period April to June is poor and, therefore, the performance of their businesses will be unfavourable. And only 3 out of 100 companies believe that they will see a positive evolution in the coming months, whilst 22% do not foresee any major change in their activity.
3 January 2020 – Spain’s banks issued a total of 29,691 residential mortgages in October, a fall of 2.1% compared to the same month of 2018, according to data published by the country’s National Statistics Institute (INE). Issuance, therefore, fell for the third straight month, though the reduction was limited to the two previous months. The value of the average mortgage rose by 1.1% to 129,237 euros.
The average interest rate on residential mortgages stood at 2.50% (5.0% lower than in October 2018), with an average term of 24 years. Variable-rate mortgages accounted for 54.7% of the total, while fixed-rate mortgages made up the rest.
The mortgage law of last year hit the market and experts believe that the issuance is beginning to return to “normal” levels.
Los bancos españoles emitieron un total de 29.691 hipotecas residenciales en octubre, una caída del 2,1% en comparación con el mismo mes de 2018, según datos publicados por el Instituto Nacional de Estadística (INE). Las emisiones cayeron por el tercer mes consecutivo, aunque la reducción se limitó comparado a los dos meses anteriores. El valor de la hipoteca media aumentó un 1,1% a 129.237 euros.
La tasa de interés promedio de las hipotecas residenciales se ubicó en 2.50% (5.0% menor que en octubre de 2018), con un plazo medio de 24 años. Las hipotecas a tasa variable representaron el 54.7% del total, mientras que las hipotecas a tasa fija constituyeron el resto.
La ley de hipotecas del año pasado sacudió el mercado en 2019. Ahora los expertos creen que la emisión está comenzando a volver a los niveles “normales”.
Original Story: El Boletin – E.B.
Translation/Summary: Richard D. Turner
28 October 2019 – Employment in real estate sector fell by 4.6% y-o-y in the third quarter of this year, its first fall in six years. The number of people employed in real estate activities dropped to 150,200 professionals, according to data from the National Statistics Institute’s (INE) Active Population Survey (EPA).
The decline marked the first year-on-year drop since the second quarter of 2013, when employment fell by 16%, amid the European real estate and financial crisis.
Original Story: Eje Prime
Adaptation/Translation: Richard D. K. Turner
14 October 2019 – Market watchers have been issuing warnings recently regarding a potential slowdown in Spain’s residential real estate market. After years of rapid growth, and after prices have reached new heights due to constrained supply, talk has turned to a moderation in growth or even some level of stagnation.
Last week, the country’s National Institute of Statistics (INE) released data on the sale of homes in August that seemed to confirm such fears. A total of 35,371 housing sales occurred in Spain in the month, the lowest figure since August 2015. The retrenchment affected both the sales of new (-21%) and existing homes (-21.1%), the latter of which accounts for approximately eight out of every ten sales. Monthly sales took a bigger hit, falling by 26.1% from July to August, the biggest decline for that month of the last five years.
Original Story: El Mundo – Marcos Iriarte
Adaptation/Translation: Richard D. K. Turner