According to Premier Marbella news sources, Overseas Buyers account for continued rise in Spanish property sales. The National Statistics Institute reported recently that in June, Spanish property sales rose by 8.8%, compared with the same month of 2013, reaching a total of 26,076 transactions, owing primarily to the activity of the resale or second hand property market.
Spanish property sales year-on-year increase in June is the fourth consecutive rise following those of March, April and May, when property sales jumped by more than 22%, 5% and 5.4%, respectively, ending ten consecutive months of year-on-year declines.
The annual growth in Spanish property sales is primarily due to the 17.4% spike in the sale of resale or second-hand property, which reached a total of 16,257 transactions. In contrast, the sale of new homes fell by 3% year-on-year, to a total of 9,819 transactions. Most of the property transactions in June (90.5%) were for private property.
The sale of this type of property rose by 9.9% year-on-year, to 23,596 transactions, while the number of transactions on social housing fell by 1.4% compared with June 2013, to a total of 2,480. Andalucía continues to stand in the lead for property sales, now into the sixth month of the year, with 5,220 transactions, followed by Catalonia (3,961) and Madrid (3,789).
A similar report issued by the Council of Notaries on activity in the first quarter of this year shows overseas buyers purchased a total of 15,402 properties in Spain, an increase of 27.2% for the same period year-on-year and accounting for 19.4% of all Spanish property sales in the first period of 2014.
A continued weakness in Spanish property prices would appear to be the main incentive tempting overseas buyers, commented leading Marbella property specialist Romano Keogh. The downward trend in second hand property prices continued in July, when they fell by 0.6% compared with the previous month, and by 7.5% year-on-year. Specifically, the average price per m2 throughout the country stood at 1,596 euros in July, compared with 1,605 euros at the end of June.
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