NOTARIES: Spanish home sale up 15.6pc, prices down 1pc in October

spanish property market

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

Property sales in October totalled just over 43,500, up 15.6% in the year. In terms of property type, sales of flats rose by 14% year-on-year due exclusively to the increase in sales of resale properties (up 16.4%) since sales of new flats dropped by 7.7%. Sales of detached homes went up by 20.3%.

In terms of average prices, the square metre value for properties bought in October cost €1,328, down 1% in the year. This price reduction was due both to the drop in price for detached homes (down 1.4%) and flats (down 0.5%).

The square metre price for resale properties rose by 1.6% in the year to €1,449 and fell by 11.6% in the case of new builds to €1,809.

Sales of other types of property in October totalled 10,122 (up 8% in the year), of which 39.1% were of plots of land. The average square metre for these transactions was €185, down 10% in the year.

Spanish mortgage loans

Some 19,142 new mortgage loans were taken out in October, up 10% in the year. The average loan amount for homes was €127,850, a decrease of 2.4% in the year. Mortgage loans for other types of property were for an average €212,148, down 3.6%. Loans for construction went up by 15.2% in October to 513. The average amount was €336,944, a sharp drop of 34.3% in the year.

Average mortgage loans for new home construction went up by 19% to 385 with an average loan amount of €268,418.

The total number of property purchases financed through mortgages was 40.7% with an average loan-to-value of 75.1%.

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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