Spanish property sales approached pre-pandemic levels this February

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The residential property market appears to be recovering from the initial pandemic slump. The latest residential property sales figures published by the Spanish governments central statistics unit show that in February 2021 a total of 43,185 homes changed hands across the country, representing a decrease of just 4.3 per cent in comparison with the same month last year.

This is the last set of figures in which year-on-year comparisons will reflect the change since the pre-pandemic market, and it appears to indicate that the underlying health of the market remains strong. In the first two months of this year the sales figures are down by an accumulated 10 per cent, but given the decreases of around 50 per cent which were recorded last spring and early summer this indicates that a recovery can be said to be under way.

10 of the country’s 17 regions recorded year-on-year decreases according to the provisional figures for February, the most significant of them being in the Canary and Balearic Islands (-16.2 per cent and 15.9 per cent respectively). In both regions the market depends heavily on buyers from the rest of Spain and abroad, but elsewhere there were also increases in seven parts of the country, the sharpest being in the northern regions of La Rioja (13.7 per cent) and the Basque Country (10.9 per cent).

Source: Spain News Today, April 2021

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