The number of home sales inscribed in the Property Register in April rose by 9 per cent in April year-on-year, according to the latest data from the National Institute of Statistics (INE).
Excluding social housing (around 10 per cent of the overall market), there were 24,090 home sales registered in April, the highest monthly sales figure in April for four years.
The red line in the chart above illustrates that the Spanish property market is no longer shrinking, though there are still no signs of a significant recovery in sales at a national level either.
Other than a modest return to growth in sales, the most noteworthy trend, once again, is the collapsing sales of new (never-previously-sold) homes, as the pipeline of new homes in Spain runs dry.
It is reasonable to assume the Spanish property market would be growing more if there was a good selection of new developments for sale in areas of demand. This will not be resolved until developers can get financing again.
By region, using a selection most relevant to foreign buyers, sales increased the most in Seville province, followed by Málaga, home to the Costa del Sol. At the other end of the scale were Cantabria and Teruel, with big declines in sales. It’s surprising that sales were down in the Canary Islands, where foreign demand has kept the market buoyant in recent years.
But looking at the year-to-date figures compared to the same period last year, for all types of property (new and resale), sales in the Canaries are still growing thanks to a big increase in resales. Year-to-date, property sales have increased the most in Barcelona and Catalonia in general, Followed by Asturias and Las Palmas (Canaries). At the other end of the scale sales are down the most in Cantabria, Almeria, and Castellon, home to the Costa Azahar.
Finally, a table summarising monthly sales published by the NIE for the last nine years.
FIRST QUARTER SALES FIGURES FROM HOUSING DEPARTMENT
This week the Housing Department in the Ministry of Public Works (Fomento) also published its figures for home sales in the first quarter of the year. In this case sales were were up 4.4 per cent to 85,133 (including social housing).