Notaries report Spanish property sales up 8.6%, and prices up 2.4%

spanish home sales and house prices
Index July 2007 = 100. Sales (left) and house prices (right)

The latest report from the Association of Spanish Notaries reveals that home sales were up by 8.6% year on year in September, and house prices up 2.4%.

Sales in September totalled 40,094, a year-on-year increase of 8.6%. By property type, apartment sales went up by 7.7% and their prices by 8.9%. Most apartments were resales since new-build sales fell by 1.9%. Detached home sales saw an annual increase of 12%.

The average square metre price of properties bought in September was €1,331, 2.4% higher than the same month last year. Detached homes went up by 1.4% and apartments by 3.8%. The average price of resale apartments was €1,493, while new builds came in at €1,939 a square metre (up 11.3% in the year).

The number of new mortgage loans in September came to 23,659, very slightly more than a year earlier. The average loan was €163,330, 4.6% higher than 12 months earlier. The number of mortgage loans to buy a home went up by 8.2% while those for other properties rose by 1.4%.

Loan amounts for homes averaged €130,300, 1.8% higher than last September. Mortgages for other properties reached an average of €246,687, an increase of 4%. The number of mortgage loans for construction went up by 6% while their average amount reached €472,028, up 20.1% in the year. The total number of properties bought using mortgage finance was 41.1% with the average loan-to-value at 75.7%.

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