The number of home sales in Spain fell by 1.5% in October, compared to the same month in the previous year. However, when compared to September this year, the number of sales increased by 12.7%. 42,825 homes were transferred in October.
86.1% of the total property sales recorded in October correspond to urban property and 13.9% to rural properties. In the case of urban properties, 57.4% are home sales, according to data from the INE.
18.5% of homes transferred by sale in October are new build and 81.5% used properties. The number of operations on new homes is down 0.1% despite a resurgence of new construction projects appearing throughout the country. The number of operations involving used properties is up by 1.8% compared to October 2018.
Results by Autonomous Communities
In October, the total number of transferred properties registered in the property records per 100,000 inhabitants reaches the highest values in La Rioja (841), Castilla y León (693) and Castilla – La Mancha (655).
Cantabria (15.0%), La Rioja (6.4%) and Principality of Asturias (2.0%) have the highest annual variation rates.
On the other hand, Comunidad Foral de Navarra (–24.9%), Extremadura (–17.7%) and the Balearic Islands (–13.7%) have the lowest annual rates.
Based on the sales of registered homes, the communities with the highest number of transfers per 100,000 inhabitants are La Rioja (153), Valencian Community (149) and Murcia (134).
The communities with the greatest annual increases in the number of home sales in October are Castilla – La Mancha (8.0%), the Basque Country (7.9%) and La Rioja (6.2%).
On the other hand, Comunidad Foral de Navarra (–24.6%), Principality of Asturias (–13.4%) and the Canary Islands (–9.2%) registered the greatest decreases.
In Andalusia, there was 8,655 home sales in October, more than any other autonomous community. Second place went to Catalonia with 6,907 sales, with Madrid in third place with 6,547 home sales.
Year-on-year, the number of sales of homes in Andalusia represented a fall of 2.9%. Of those properties sold, 1,467 were new build homes, while 7,188 were second-hand properties.
Looking briefly at prices, the average cost of a second-hand home per square metre stood at €1,550 in October (+0.8% year-on-year). The average cost per square metre for new build homes stood at €2,102 (+4.0% year-on-year), according to the General Council of Notaries.
The total number of new mortgage loans signed in October was 32,671, representing an increase of 5.4% year-on-year. The average amount of capital borrowed in those loans was €165,595, reflecting a fall of 6.4% year-on-year.
New mortgage loans taken for the purchase of a property increased 8.3% in October (26,030 loans), due both to the increase in the granting of loans for the purchase of a home (8.1% year-on-year) and the increase in mortgage loans granted for the acquisition of other properties (10.4% year-on-year).
The average amount of loans for the purchase of a property reached €138,043 (-3.5% year-on-year). In the case of housing, the average capital borrowed was €132,489, which represents a decrease of 3.9% year-on-year.
Loans granted for construction projects showed a year-on-year increase of 9.5% in October, to 689 operations. The average amount of those loans was €504,457, thus showing a year-on-year contraction of 4.5%. On the other hand, the average amount of loans for the construction of a house fell by 21% to € 322,184 (537 operations).
The percentage of home purchases financed by a mortgage loan stood at 54.2%. In addition, in this type of purchases with financing, the amount of the loan was on average 72.7% of the property value.