The number of Spanish home sales inscribed in the Land Registry rose by two percent in June compared to the same month last year, show the latest figures from the National Institute of Statistics (INE). However, sales declined 18% in the Balearics, and by double digits in the Canaries, suggesting that growth might be pettering out in some key coastal markets popular with foreign investors.
There were 40,305 Spanish home sales inscribed in the Land Register in June, and 43,608 if you include subsidised homes (known as VPO), all according to the latest figures from the INE, based on source data from the Spanish Land Registrars’ Association.
These were sales recorded in the Register, not sales that took place in the month. For actual sales in June the figures from the Spanish Notaries’ Association are more timely, and show sales rising just 0.2% to 54,164 including VPO. Both sources show the Spanish property market continuing to expand, albeit at a smaller rate than before.
New and resale Spanish home transactions in June 2018
New home sales inscribed in June were down 11% to 7,041, and resales down 1% to 36,567, according to the INE and including VPO. The new home sales decline was the biggest since April 21017, but might reflect the scarcity of new homes ready for delivery, rather than a fall in demand. Off-plan sales are not recorded in these figures, but are likely to have grown significantly in June.
Spanish Home Sales by Region – June 2018
June sales in areas popular with foreign investors were a mixed picture, with significant growth in some areas whilst year-on-year sales declined in other areas. Sales declined the most in the Balearics (-18%) and the Canaries (-13%), with the market also going soft in the Andalusian provinces of Almeria (-7%) and Malaga, home to the Costa del Sol (-2%). Sales finally turned slightly positive for Catalonia as a whole (+2%) though Barcelona and Girona were still shrinking.
Year-to-date (first six months), the picture is still one of growth in all areas popular with foreign buyers with the exception of the Balearics, where sales are 4% lower than the same period last year.