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%.

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