Spanish property prices rose 2.65 per cent year-on-year in the first quarter (Q1), according to the latest data from the Property Registrars’ Association, who also report that home sales increased 9.05 per cent – to 90,534 transactions – compared to the same period in 2014.
The significant uplift in sales was largely due to robust growth in the resale market, with 67,864 home sale, reveal the registrars.
With respect to the previous quarter, the price for resale sale properties (using the Case & Shiller methodology) went up by 1.88 per on a quarterly basis to the end of March.
Peak-to-present, Spanish house prices have fallen 31 per cent according to the registrars’ data.
On a cumulative 12 month basis, there were 326,440 property sales registered by the end of March, an increase of 7,512 sales compared to the same figure for the previous quarter.
“The quarterly figures are the highest in the last eight quarters, showing a clear change of tendency in the market that began in previous quarters,” say the Registrars. “Indeed, it is the second highest quarter for sales in the last twelve (three years), and the third highest in the last sixteen quarters (four years).”
MORTGAGE DEFAULTS DECLINING
Statistics from the Registrars’ Association will now include figures for registered debt-property swaps (handing the keys to a mortgaged property back to the bank).
During Q1 there were 4,041 such agreements, 84.8 per cent of the key-returns were by individuals and 15.2 per cent by companies. 88 per cent were made by Spaniards and 12 per cent by foreigners.
Repossession proceedings were started on 17,672 properties during the first quarter, a decrease of 2.91 per cent on the previous quarter. Compared to the same quarter in 2014, the decrease was 4.37 per cent.
63 per cent of repossession proceedings were on properties owned by individuals and 37 per cent on those owned by companies. By nationality, 91.18 per cent affected Spaniards and 8.82 per cent foreigners.
Foreigners buyers were responsible for 2.22 per cent of all Spanish home purchases in Q1.