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

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.

And finally, sales broken down by selected regions. Good news from the north, bad news from the south.

About Mark Stücklin

Mark Stücklin is a Barcelona-based Spanish property market analyst, and author of the 'Spanish Property Doctor' column in the Sunday Times (2005 - 2008).

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