The latest figures from the General Council of Notaries show the Spanish property market recovery remains on track, though the growth in sales was down significantly compared to January and February.
There were 38,674 home sales witnessed by notaries in March, up 5.8% on the same month last year (see chart above).
When corrected for seasonality, home sales were up 3.6% year-on-year. Nothing special, but at least the market is still expanding despite growing political and economic doubts.
The notaries are tightlipped about what these figures mean for the market, limiting their comment to saying the figures “reflect the underlying trend of recovery in the real estate market.”
The average price of property sold in March and witnessed by notaries was 1,261 €/m2, a small increase of 1.9% on the same time last year.
In the context of the SPI House Price Index Tracker it shows that sales prices recorded by the notaries are growing more than valuations and asking prices recorded in other indices, though the difference is small. National house price figures are really only useful for getting an idea of the big picture, which, if you step back and look at the chart below, seems to be prices crawling out of negative territory but without the momentum to take off.
NEW MORTGAGE LENDING
New mortgage lending rose by 17% in March, suggesting that banks still have a growing appetite to lend against Spanish real estate. Whilst mortgage lending grows, sales will continue to grow.