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The sale of new-builds outnumber resales


Since the outbreak of the financial crisis that devastated the real estate market in Spain and its entire economy, resale properties have continued enjoying better statistical figures than new-build homes. However, the take-off of residential construction may represent a turning point that will reverse the situation in the coming months. During the third quarter of 2017, the sale of this type of property grew by 18.8% more than during the same period in the previous year.

These figures alone prove that the public is becoming encouraged to buy new-build homes. However, if we take into account that, during that quarter, the resale market only grew by 15%, it is possible to draw an early conclusion that the outlook is starting to change.
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This recovery goes further back as we analyse the data from the second quarter of 2017. The new-build homes experienced a growth of 4.1% compared to the same period in 2016 and they accounted for 17.5% of the total residential real estate deals registered in Spain (20,885 purchases and sales). Likewise, similar data were collected during the first three months of this year, so after 9 months of continuous growth, the signs indicate a highly positive trend.

On the other hand, the number of home resale purchases, which currently represent a total of 82.5% with 98,271 cases, registered a decrease of 1.1% compared to the previous figure.

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These data have been provided by Spain's College of Registrars through its Real Estate Register Statistics developed between the months of July and September 2017. During that period, a total of 119,156 homes were registered, which is 15.6% more than during the same three months in 2016. This data records the highest figure since 2011. In addition, if you count the last 12 months, the property registrations have reached 445,725, which is an increase of 13%, the highest figure in the last six and a half years.

These statistical figures should be classed as particularly positive if one takes into account the increase in the number of property registrations at the land registry coinciding with a price increase of 6.8% compared to the previous year and 2% between the months of April and June. This high rate of growth means that the property value today is only 22.4% below the figure it reached when it was at its highest peak back in 2007.

Engel & Völkers

Spain
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08017 Barcelona Spain
Spain
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