The Spanish property market expanded 15% by volume (transactions) in September, according to the latest monthly home sales figures from the National Institute of Statistics (INE).
There were 27,621 home sales inscribed in the Property Register in September (not counting subsidised housing), up 15% compared to the same month last year, and the best September in five years, though still 52% lower than the 57,682 sales inscribed in September 2007.
The following chart illustrates monthly sales in every year since 2007. This year (in red) increasingly looks like the first one since the crisis began in which we can claim with confidence the market market has turned a corner as far as sales go. However, what kind of recovery lies ahead – robust and widespread, or patchy and feeble – remains to be seen.
Year-on-year, the Spanish property market has expanded every month in 2015, with the biggest increases in the last four months, as illustrated in the next chart.
NEW VS. RESALE
Once again resales were entirely to thank for the higher sales numbers, up 36%, whilst new home sales fell 32% compared to September last year.
On a regional basis, sales increased the most in Tarragona province (home to the Costa Dorada), up 52%, driven by a rise of 70% in resales, and fell the most in Castellón province (home to the Costa del Azahar), down 27%, thanks to a 66% drop in new home sales.
Year-to-date (first nine months of the year), sales are up the most in Barcelona province (+19%) and Cadiz province, home to the South Costa de la Luz (+19%), and have risen in the majority of coastal regions with the exception of Castellon and Huelva, the latter being down 3% this year.
Finally, a summary table of monthly Spanish home sales (excluding subsidised housing) for the last nine years.