Property sales increased 22.9% in January
According to the latest statistics released by the General Council of Notaries, the Spanish housing market continues to recover with a year-on-year increase of 22.9% in the number of housing transactions, bringing it to 34,268. Furthermore, the figures suggest that house prices showed a small increase of 0.6%, bringing the price of one square metre to 1,233 Euros.
Much of the growth in sales can be attributed to the increase in sales of resale apartments which showed an increase of 25.9% to 23,227 transactions in January. In contrast, the sale of new property showed a decline of 5.1% year-on-year to 2,340 transactions.
A more significant increase of 22.6% was registered for sales of single family properties.
Average Price
The data also suggests that the 0.6% increase in prices is down to the increase in the cost per square metre of single family properties which increased by 3.8% compared to the same period last year. Conversely, the price per square metre of apartments in blocks fell by 0.2% year-on-year.
The cost per square metre for single family properties ended January at 1,007 Euros, while the cost for a square metre of a second-hand apartment stood at 1,350 Euros, with new apartments ending the month at 1,619 Euros.
El Mundo further reported that the amount of mortgage loans for property purchases increase by 34.7% in February, when comparing to the same month last year, ending the month with 15,630 new loans approved. The average value of the loans also increased to 119,142 Euros, a 1.9% rise.
Of all the properties purchased in February, 45% were financed by a new mortgage loan, while the average amount mortgaged was 78% of the property value.
