Home sales rise 10% in September say notaries, prices fall

Spanish property market by sales volume. July 2007 = 100. Source: Notaries.

Spanish property market by sales volume. July 2007 = 100. Source: Notaries.

The Spanish housing market expanded 10.3% by volume in September compared to the same time last year, according to the Association of Spanish Notaries.

There were 34,918 home sales witnessed by notaries in September, up 10.3% year-on-year, with apartment sales up 10.1% (9.7% excluding subsidised housing), and single-family home sales up 11.1%.

Resale apartment transactions were up 14%, but newly built flat sales were down 22%.

As you can see from the chart above, the Spanish housing market is still just half the size of it’s bubble proportions in July 2007, but has recovered from a low of 30% at the end of 2012.

The average price of property sold was 1,236 €/m2, a decline of 3.5% compared to September last year.

New residential mortgage lending was up 10.6%, with an average loan value of €115,000, down 10.7%.

So another month of home sales rising whilst the national average price of property fell (disguising big local differences). The Spanish property market continues its patchy recovery, with sales and prices rising in some areas (mainly where foreigners buy) and falling in many others.

About Mark Stücklin

Mark Stücklin is a Barcelona-based Spanish property market analyst, and author of the 'Spanish Property Doctor' column in the Sunday Times (2005 - 2008). He can be reached by email on ms@spanishpropertyinsight.com. All articles published in good faith as a general guide but no substitute for professional advice. Please read the SPI disclaimer

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