NOTARIES: Home sales and prices rise in August

Spanish home sales index, July 2007 = 100. Source. Association of Spanish Notaries

Spanish home sales index, July 2007 = 100. Source. Association of Spanish Notaries

Figures from Spain’s Association of Notaries show that August was a good month for property sales, with transactions going up when they usually drop off during the summer.

Sales went up by 17% in August compared to the same time last year, and prices by 0.3%, according to figures published by the notaries. Specifically, 27,301 properties were sold with an average square metre price of €1,160.

The rise in sales was mostly due to the boom in sales of resale properties, which went up by 18.3%. In contrast, sales of new builds dropped by 0.9% in the year. Sales of detached homes increased by 20.5%.

The rise in sales was helped by the minimal increase in prices, up just 0.3%, due to the drop in the square metre price for detached homes (down 3.1%). Prices for flats went up 0.1%. This brought average square metre prices for resale properties to €1,289 (up 0.1% in the year) and for new builds to €1,722 (up 3.8% in the year).

Mortgage approvals went up by 10% in the 12 months to August to reach 12,072 new mortgage loans. The average amount loaned rose by 0.8% to €117,878.

About SPI News Feed

SPI News Feed provides general news about the Spanish property market and related articles translated from the Spanish press. For more in depth news, analysis, and opinion, see Mark Stücklin's blog.

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