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Property Prices Recovered in Third Quarter

Property prices up 3.2% year-on-year
Property prices up 3.2% year-on-year

Property prices grew 3.2% year-on-year in Q3

In the third quarter of 2019 the sale of housing decreased across the country, falling 6.3% nationally, continuing the trend of the previous quarter. Only Murcia saw property sales increase with a 3.4% rise in sales, according to a report from the Notaries. Only Aragon and Catalonia managed to keep the fall below 2% (-0.2% and -1.3% respectively). Among the remaining autonomies, there were falls above 10% in Navarra (-26.5%) Asturias (-13.1%), Extremadura (-12.3%), La Rioja (-11.9%) and the Canary Islands (-10.2%).

Prices, however, slightly recovered the losses of the previous quarter by growing 3.2% year-on-year across the country to reach €1,460 p/m². Increases were recorded in ten Autonomous Communities, with Aragón (23.8%) standing out, and the Balearic Islands and Andalusia also seeing a significant increase, both advancing 6.2%.

The Basque Country (5.7%) Madrid (2.0%) and Catalonia (1.7%) registered growth and maintained the highest absolute prices together with the Balearic Islands.

By property type, sales of apartments fell by -6.9%, continuing this larger decline already recorded in the previous quarter. Once again, Murcia is the only region to see an increase in sales of apartments (2.4%). The biggest declines were seen in Navarra (-31.2%) and Asturias (-16.6%), while the smallest falls were seen in Aragon (-0.3%).

The average price per m² of apartments was higher than the average across all housing types, reaching a 3.8% increase nationwide, gaining ground compared to the previous quarter.

The increase remained striking in Aragon (19.4%) and the Balearic Islands (12.0%). Decreases have shown in five autonomies, the largest being in La Rioja (-24.3%) and the remaining four in Extremadura, Galicia, Cantabria and Asturias all below 5%.


New mortgages for the purchase of a home suffered a 3.3% fall, year-on-year. Only Murcia (16.1%), Aragon (11.6%) and Catalonia (4.5%) broke the trend. The decreases were above 10% in Asturias (-20.3%), Navarra (-16.8%), Cantabria (-15.1%) and Castilla-La Mancha (-12.1%).

However, the average amount of new loans grew, breaking the trend of the last four quarters. The amount averaged €146,027, 3.0% more than a year earlier. The disparity was again significant by Autonomous Communities when registering increases in nine autonomies and setbacks in the remaining eight.

The highest increase, at double-digit rates, was recorded in La Rioja (15.5%). Growth between 5% and 10% was seen in Madrid (7.7%), Aragón (7.3%) and Castilla y León (5.0%). Smaller increases, between 0% and 5% were seen in Andalusia, Extremadura, Castilla La Mancha, Murcia and Catalonia. The most notable decrease in the average amount of new loans for home purchases was in the Balearic Islands (-12.9%).

Finally, the percentage of home sales financed through a mortgage loan reached 48.2% nationwide, in line with the ratio of the first two quarters of the year. Leading the ranking were again Madrid (70.0%) and the Basque Country (66.4%), regions where new loans evolved somewhat better than sales. Still exceeding the national average were Navarra (55.9%) Catalonia (50.6%) Aragón (50.0%) and La Rioja (49.8%).