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Spanish notaries report January property sales 26.6% higher

Property prices in Spain are also reported to be 2% up compared to last year.

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Spanish notaries figures show that a total of 27,568 sales took place in January. This represents a substantial 26.6% increase in comparison with January 2015, and the numbers for all categories of home rose except for new-build apartments, which accounted for just 1,997 transactions.

At the same time, the good health of the market was also reflected in an average price per square metre of residential property of 1,303 euros, 2% higher than in January last year, and again the upward trend was apparent in all of the categories analyzed.

In terms of mortgages on residential property, the number also increased, this time by 30% to 12,908, while the only suggestion of a worrying development was the 3.1% decrease in average loan capital to 124,829 euros. However, this is the first year-on-year fall in the last nine months, and it would be wrong to identify the beginning of a downward trend from just one piece of data.

The notaries report that 43.1% of all residential property sales during January were financed with the aid of a mortgage loan, and that in those cases the average proportion of total purchase price lent was 76.1%.

Source: Spanish News Today, March 2016.

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