A total of 91,338 homes were sold in the quarter, the best second quarter since 2010, the Ministry of Public Works reports. Of the total, 16.4 percent of the sales were to foreign residents, as the number of purchases by non-Spanish citizens rose for the 12th consecutive quarter.
In the 12 months from July 2013 to June 2014, 337,115 homes were sold in Spain, a 12.2 percent increase from the same period a year earlier, according to the Ministry’s data.
The move toward a trend of increasing sales is surely a good sign for the market, especially any evidence that a consistent growth trend is developing. And the Ministry numbers reflects the foreign market’s increasing return to Spain property, as detailed in SPI founder Mark Stucklin’s recent analysis.
The second quarter data also reflect clearer year-to-year comparisons, since “these two terms are not influenced by tax changes,” the Ministry notes.
Five autonomous communities and two cities posted gains, led by a 12.2 per cent increase in the Canary Islands. Other areas continued to see sales declines, “but much more moderate than in previous quarters”, the Ministry says.
The following chart illustrates how sales in the second quarter were the highest since 2010. The table above refers to 12-month cumulative sales to the end of Q2, in which period sales were down an annualised 2.6% at a national level.