Spain’s real estate: Sales and prices increase :: The Spanish property sector is in good health, showing a year-on-year increase of 9.4 per cent in average prices and a 13.4 per cent rise in sales figures. That’s official, coming from the latest report of property registries around the country.
The total of 128,990 transactions registered between 1st January and 31st March is the highest in any quarter since 2008 the last of the boom years and the start of the market collapse. The 12-monthly total now stands at almost 480,000, its highest level for nine years. One negative aspect of the report is that the number of new properties was only 22,000 during the three months, but the figure is 15.4 per cent higher than in the previous quarter.
It is a further confirmation that in many parts of the country excess stock of new-builds which accumulated as a result of the construction frenzy which gripped Spain a decade ago has now been substantially reduced.
Second hand property sales, meanwhile, totalled over 106,000, the highest figure since the second quarter of 2007.