Quarterly figures from the General Council of Notaries show that home sales in Q3 last year rose in all Spanish autonomous regions with the exception of Navarre, suggestion the recovery is not limited to big cities and the coast.
Last week the notaries released figures for the market in November that did not include any breakdown by regions. Yesterday they released figures for the third quarter (Q3) of 2015, explaining how sales changed by region (illustrated by chart above).
As a national average, home sales rose by 14.7% in Q3 of 2015, compared to the same period last year, but rose by more than 20% in Murcia, La Rioja, Cantabria, and the Canary Islands. However, it’s worth pointing out that a region like Murcia has a relatively small housing market, where even a modest increase in the number of sales represents a big percentage increase.
Regions with growth between 10% and 20% included the much bigger regions of Catalonia (capital Barcelona), Andalusia, the Valencian Community and Madrid, which combined were responsible for almost two thirds of all home sales in the period.
The only region where sales fell in Q3 year-on-year was Navarre, home to the famous bull-running city of Pamplona, where transactions plunged 25%, the second consecutive quarter of big declines in the region.
Looking at the first nine months of last year, home sales were up nationally 12.5% compared to the same period in 2014, though it is “possible to observe greater relative dynamism in coastal regions, which grew more than the national average in the period,” say the Notaries.
“The recovery in prices per square metre continues, though far from uniformly,” say the notaries. “The increase in prices at a national level (+2.7%) was somewhat below the previous quarter (+3.6%). Seven regions increased more than the national average, including the Valencian Region, Madrid, and the Balearic and Canary Islands…..prices rose below the national average in four regions, including Andalusia and Catalonia…..prices fell in six regions…. by double digits in La Rioja and Navarre.”