Spanish Property Market Turnover Stable In First Quarter

The latest statistics from the Government show that turnover in the Spanish property business has stabilised after years of declines.

The market turned over €10.5 billion in the first quarter of the year (Q1), just a fraction (0.8%) more than the same period last year, according to data from the Ministry of Public Works (Fomento).

These figures are still some way from those registered in 2008, when the year’s total balance reached €94,951.40 million, double the total registered in 2014 (€47,475.50 million).

By market segments, the value of business in new builds continues to fall registering a total of €1,489.10 million in the first three months this year, a drop of 17.7 per cent compared to the same period last year when the value reached €1,752.30 million.

The resale market, on the other hand, was up 3.8% up with turnover of €9 billion, which offered some compensation to the decline in new home sales.

By region, turnover was greatest in Madrid (€2,075.8 million), followed by Catalonia (€1,976.9 million), Andalusia (€1.901.8 million) and the Valencian Community (€1.265.8 million).

At the other end of the scale, the regions registered the lowest figures were Ceuta and Melilla (€25.0 million between them), La Rioja (€58.0 million), Extremadura (€79.0 million) and Navarra (€93.9 million).