House sales on the up, but no sign of a strong rebound

Posted on August 16, 2010 by Mark
Filed Under Property market | Leave a Comment

The Spanish property market appears to have bottomed out, at least in terms of transactions, but there is no sign of a strong rebound in sales.

Excluding social housing, there were 33,581 residential property transactions in June, 5.5% up on the same month last year, according to the Government’s figures (INE).

In the first 6 months of the year, sales were up 9.4% compared to the same period last year. But compared to the first 6 months of 2007, sales were down 50%.

Month to month, sales fell 1% in June compared to May. So the market may have bottomed out, but there is no strong rebound underway.

The following table shows monthly sales figures for the last 3 years, with percentage changes over different time frames, to put it all in perspective.

The next chart gives the annualised trend for new and resale transactions. Resales were 18% up in June, whilst new sales were 5% down. Expect a similar story the rest of this year.