NOTARIES: Housing market recovery sustained in first quarter

spanish property market sales and prices

Q1 sales YoY (left) and house prices (right). Source: Notaries

The latest report from the General Council of Notaries confirms that Spain’s housing market sustained its trend towards recovery in the first three months of the year.

The maps above show the annualised change in home sales by region (on the left), and the change in price by region (right).

Home sales were up 19% nationwide compared to same period last year, with double-digit growth in most autonomous regions.

Sales were particularly strong in Asturias (+30%), Catalonia, the Balearics, Madrid (+24%), and Murcia (+22%).

House price were up 4% on average, and by 15% in the famous wine-growing region of La Rioja. Other notable price increases took place in the Balearics (+12%) and the Canaries (+7%).

The following chart from the notaries shows sales and price data by region in more detail. On the left we see the volume of sales by region (left axis), and annualised percentage change (right axis). On the right we see the average price per region in €/m2 (left axis) and the annualised percentage change (right axis).

spanish property market sales and prices

Q1 sales YoY (left) and house prices (right). Source: Notaries. Click to enlarge.

New Spanish mortgage lending was up 10% nationwide.

So, overall a picture of steady recovery in the Spanish housing market, though nothing to get excited about.

From what I can tell from published data and talking to professionals in the business around Spain, some market segments like prime Barcelona, Madrid, Mallorca, Ibiza, and Marbella are hot, many others are lukewarm, and a good number are still frozen.

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