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Home sales rise by 14.2% in the second quarter of the year

The property buying and selling market is on the rise and this is confirmed by the statistics from different official bodies. According to the General Council of Notaries, the number of property sale transactions registered in the second quarter of 2017 increased by 14.2% with respect to the same quarter in 2016. The data from the National Institute of Statistics does vary although paradoxically the quantification of the increase does not match with other statistics, because this second data establishes a growth rate of 11.2%.

If you analyse the data offered by the General Council of Notaries in great detail, you can get a clear overview of the situation in the different Spanish communities. According to this agency, the sales transactions carried out between April and June 2017 were a total of 142,000, which meant an increase in all the autonomous communities, except in Basque Country, where there was a slight decrease of around 0.4%. Although there was an increase in the rest of Spain, there were important differences throughout the country. Thus, the largest increase in property sales occurred in La Rioja, Asturias and Castilla-La Mancha, with 25.9%, 21.6% and 19.6% respectively.

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With regard to the price increases of properties, the annual rate is an average of 5%. The same can be said about commercial sales in autonomous communities. However, The price of properties has not risen in the same way throughout Spain. In fact, there are communities in which there has been a decrease in the price of real estate, as is the case of Murcia, Cantabria, Aragón and Castilla-León where prices have fallen by 4.3%, 3.7%, 0.5% and 0.3% respectively. Meanwhile, in other communities the house prices have suffered an above average increase, as in the case of Navarra, with an increase of 17.7%, Castilla-La Mancha, where the increase was 11.1%, and Catalonia, with an increase of 9%.

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Despite this increase in sales, both the General Council of Notaries and the National Institute of Statistics indicate that the number of mortgage loans has fallen, at around 2.5%. However, the average loan amount has actually increased to 3%, with an average loan amount of 166,334 euros. The number of homes bought and financed through a mortgage would reach 44.4% in this second quarter of 2017, out of the total sales carried out this year.

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