Spanish property sales increase significantly

There has been a sharp rise in the number of homes sold in Spain as more buyers, including investors, look to take advantage of the gradual recovery in the Spanish housing market. 

The latest data published by the National Statistics Institute reveals that there was a 20% increase in the volume of Spanish homes sold in June compared with the same month last year which led to the greatest number of private property transactions since January 2013.

In total, there were 36,856 sales across the period, which became the fifth consecutive month to see a year-on-year rise.

The jump was led by second-hand homes, which accounted for more than 30,000 of the sales, with many purchasers opting to acquire homes in coastal locations.

Andalucia recorded the highest volume of property sales at 7,496, while there was also a notable rise in number of homes changing hands in the Balearic Islands, Valencia and the Canary Islands. 

Separate figures from the General Council of Notaries also show sales and mortgage lending continuing to recover.

There were 42,330 home sales recorded by notaries in June, up 7.1% in a year, which the notaries once again say reflects “the underlying trend towards recovery in the property market”.

But despite the pick-up, the average price of a home in Spain is still falling, down 1.9% year-on-year to an average of €1,290sqm (£1,099pcm).

“The national average disguises big differences between local markets and segments, with prices stable or rising in markets with strong demand in cities and on the coast, whilst falling in many parts of the interior,” said Mark Stucklin of Spanish Property Insight.