NOTARIES: Sales up, but prices down in August

spanish property market sales august 2015

The latest housing market figures from the General Council of Notaries show that sales rose in August, whilst the average price fell, suggesting the market is improving but inventories are still high.

There were 19,067 homes sold in August (chart above), based on the number of sales deeds witnessed before notaries – the most timely figure for sales available in Spain.

Year on year, sales were up 7.3%, as illustrated by the following chart:

spanish property market sales august 2015

Home sales have now increased for six consecutive months, suggesting the market has put the worst behind it, at least in terms of sales activity.

“Despite oscillations in the monthly figures, the series reflects a stabilisation in sales,” is how the notaries put it.


Sales may be increasing, but average Spanish house prices continue to decline, at least according to the figures published by the notaries.

spanish property market prices august 2015

The average price per square metre of residential Spanish property sold in August was 1,127 €/sqm, down 3.4% compared to August last year, and 40.3% since the start of the crisis in 2007.

Average house prices have now declined for at least 12 consecutive months, with the exception of December 2014, when they were unchanged. This suggest the market is still oversupplied with property, so price pressures remain downward for the time being.

In the context of the SPI House Price Index Tracker the notaries’ figures are the most bearish of all, and contradict other data suggesting that Spanish house prices are already rising at a national level.

spanish property insight spi house price index tracker august 2015


New mortgage signings were up 19% to 8,162, with the average loan value of €108,730 (-1.1% yoy).

spanish property market mortgage lending august 2015

44% of purchases involved mortgage financing, up from 37% as recently as February last year.

Mortgage lending continues to grow at a robust rate, funneling capital towards prime segments of the Spanish housing market.

spanish property market mortgage lending august 2015

SPI Member Comments

Thoughts on “NOTARIES: Sales up, but prices down in August

  • Bernard Hornung says:

    Interesting analysis which suggests that buyers are well informed and discerning. There is clearly an appetite for residential property in Spain. Oversupply keeps driving prices downwards and will continue to do so.

  • Hey Bernard, not so.” A” grade areas all over Spain are experiencing price increases and a shortage of property. Check out central Madrid, Barcelona, Ibiza, Mallorca and Marbella. Even your old stamping ground Sotogrande has witnessed a huge increase in sales and prices. Bargains?? not in central areas in good locations !!! – Cranes are starting to go up and sales offices are opening the doors to eager punters – Of course there are hundreds of thousands of shitty properties that are still unsold and 75% below peak prices; BUT please don’t confuse C;D grade areas with A grade areas. Marbella for instance has shitty parts where nothing sells and good central parts where there is NO availability!!!

  • You keep smoking it rojoy. The places you mentioned will always attract the rich.
    The rest of Spain will take years to recover 25% unemployment 50% under 25 year olds.
    The young educated are leaving Spain in the droves looking for work and a future.
    Simple economics and the fact that Spain With its property taxes ect just doesn’t help.
    Unless there is a real rethink here we will be discussing this in ten years time.

  • Your account is perfect and accurate. In Valle Romano, I have two plots. Recently, I have had an increased number of enquiries, but they were looking for give away bargains. Prices offered were well below” Valor Catastral ” quoted on my IBI. Golf Course and Club House are as described by the Golf providers. At present,infrastructure is a total mess, particularly Valle Romano South. The Town Hall nor the Community know the way forward. Some buildings are also falling apart for lack of maintenances as a result of increased traffic and rain.

  • I shouldn’t take any notice of Valor Catastral or any other notional figure. The only price that matters, the only genuine determination of value is current market price i.e the price a property will actually sell for – any other figure is, always has been, and always will be, just wishful thinking.

    • Now we have the nub it – what does it sell for? And what % reduction against asking price?

      I recall a most interesting chart, some years ago, which plotted final selling price against asking price, as a % of sales. It was an inverted soft V, with the central bar on the chart: 25-35% reduction against asking price for 25-35% of sales. Some 20% discount applied, on one side of the central bar, to 20% of sales and a massive 35%+ reduction price for another 20%-odd of sales on the other. The chart fell away rapidly on either side of the centre for not much reduction for not many sales to huge reductions 50-60% for similarly few sales.

      Is there such a chart for today’s market? This is one we badly need. Over to you, mark.

      • Mark Stücklin says:

        Hi Chris, I would love to see a chart like that. Can you find the original one you saw and provide a link.

        It would require a lot of work to gather the data for a chart like that. I don’t have the data to hand, unfortunately. However, it’s a good idea, something to think about.

  • Rojoybago or can I call you by your real name Pablo? As you are a shareholder you say in TW, and openly stated about the Spanish ‘here they all have their hand in the till’ it would appear you are not only biased towards hyping the property market in Spain but sort of advising people that Spain is corrupt and therefore not a good place to do business.

    Grade A places don’t make me laugh, there are a few areas where the rich buy notably Majorca and Marbella, Sotogrande, La Zagaleta where btw prices fell hugely. most of Spain is nothing like this and a report recently said there are still 1.6 million properties for sale. It will take 10 years to absorb this glut at least. Don’t concoct such a stupid posting name, man up and use your real name Lol

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