NOTARIES: House sales and prices up in January 2017

spanish home sales and house prices january 2017
YOY home sales (left), house prices (right).

The housing market really did get off to a good start of the year, according to the latest data from the Association of Spanish Notaries. January was a month during which both sales and prices rose.

There were 33,670 homes sales witnessed by Spanish notaries in January, up 16.8% compared to the same month last year, though a more modest +12% when corrected for seasonality (chart above left).

House prices were up by 1.8% (chart above right) to an average of 1,355 €/m2, though that figure doesn’t really tell us much because house price data in Spain is so unreliable. I’ll include this in my end-of-month roundup of all house price data published in March (Spanish house price index tracker).

New mortgage loans were up 27% to 15,624.

A few days ago I reported figures from the National Institute of Statistics telling a similar story, with Spanish home sales inscribed in the Land Registry up 19% in January. But those figures are based on sales that took place a few months before, say between October and December, whilst the Notaries’ figures are based on sales witnessed in January, so their figures are more timely, and give us a more up-to-date pictured.

Which ever figures you look out the picture is one of a sustained recovery in Spanish home sales and mortgage lending, with house prices rising in hot markets like Barcelona, Madrid, and the Balearics.

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