The latest property market figures from the General Council of Notaries show the recovery in sales and mortgage lending continues, but not enough to compensate for an oversupply depressing prices at a national level.

There were 38,845 home sales witnessed by notaries in May, up 11.4% in a year (but up by a more moderate 7.9% when adjusted for seasonality), which the notaries says reflects “the underlying trend towards recovery in the property market.”

New mortgage signings were up 17.8% to 17,447, another big monthly increase that bodes well for the market.

The national average price of property sold in the month was 1,261 €/m2, a decrease of 1.6% compared to the same time last year. Bear in mind, however, that the national average price is of little relevance to buyers and sellers of property in Spain. What matters to them are price forces in local market segments.

CHARTS

Here are all the main figures from the notaries for May presented in charts: