Insight into the Spanish property market, guides to help you make informed decisions, and a directory of real estate professionals and home service providers from a source you can trust.
This is a website for buyers, owners, and sellers of property in Spain, offering reliable information and resources to help you get things done with confidence. It is run by Mark Stücklin, author of the Spanish Property Doctor Column in The Sunday Times (2005-2008), and the book ‘Need to Know: Buying Property in Spain’ published by Collins.
When you buy or sell property in Spain the sums of money are large, perhaps one of the biggest financial decisions of your life. The high transaction costs you will face like taxes and commissions only make the decision more important to get right. And when you own property in Spain you face a host of extra challenges to manage, and costs to control. Unfortunately, the Spanish property market is opaque and full of pitfalls, and notoriously unprofessional. Buying and selling property in Spain is not a decision to be taken lightly, and you may find it much easier to buy than sell if you don’t take care. In this market it is crucial to do your own research, and don’t rely exclusively on people who are trying to sell you something – let’s just say they might not have your best interests at heart. Spanish Property Insight is the only independent source of information and analysis of the Spanish property market. Don’t even think about buying or selling property in Spain without subscribing to Spanish Property Insight.
Annualised percentage change in home sales (left) and house prices in €/m2 (right) by region. Click to enlarge.
The Association of Spanish Notaries has just published its report on the Spanish housing market’s performance in the first quarter of the year showing sales and house prices on the rise.
Home sales rose 19.5% in the first quarter of the year compared to the same period last year, and house prices were up 4.6% on average to 1,356 €/m2, show the latest figures from the notaries.
The monthly figures they publish have been telling a similar story all year, so this comes as no great surprise. The latest figures available (May) show home sales up 17.5% and house prices up 0.3%.
In their quarterly reports the notaries include a map showing the annualised change in both sales and house prices per region, which you don’t see in the monthly reports (see above).
Home Sales
The map on the left shows how much sales volumes have changed by region in a year. The darker the green, the more sales increased in a year. Sales fell in just one region – La Rioja, famous for its wines.
House Prices
The map on the right shows have prices changed in a year, with red showing price declines, and green price increases, all in terms of average price in €/m2 per region (allowing for big differences within and between regions).
It looks like prices are recovering better in the north of the country with the exception of the Basque Country, Navarre, and Rioja, but the results vary so much from quarter to quarter it’s difficult to draw conclusions.
That said, it’s surprising to see house prices recording a fall of 3.3% in the Balearics, as almost every other source of data shows prices rising on the islands, as demand for housing outstrips supply. So much so that the high cost of housing on the islands has become a hot political potato.
Mortgage Loans
New residential mortgage lending was up 17.6% nationally, and up 25.8% in the Balearics, which you would expect to push up house prices in a market with an acute shortage of land like the Balearics.
The average mortgage loan value rose 3.3%, and 44% of transactions involved mortgage financing (going from 68% in the Basque Country, to just 31% in the Valencian Region).
Everything you need to know about property in Spain
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This is a website for buyers, owners, and sellers of property in Spain, offering reliable information and resources to help you get things done with confidence. It is run by Mark Stücklin, author of the Spanish Property Doctor Column in The Sunday Times (2005-2008), and the book ‘Need to Know: Buying Property in Spain’ published by Collins.
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