Spanish property sales rise after a slowdown during Easter
According to Premier Marbella news sources, a recent report on the Spanish property market shows that Spanish property sales rose by 19.3% year-on-year in June to 44,135 units, according to data from the National Statistics Institute (INE). New build property has had a significant increase with 7,899 new homes sold, levels that were not seen since January 2015, which shows that the new construction has started to have a more relevant role in the sector. The sale of used or second hand property rose 19.2% year-on-year to 36,236 units.
In recent years the general trend in Spanish property sales has been stronger in resales or second hand homes than that of newly built properties. Naturally the question is why so? Apart from the complete slowdown in new construction in the post crisis years being a primary reason, second hand property sales attributed its strong growth to the flexibility in price negotiation. The INE officially catalogs the new homes as properties that are less than a year old since the completion of the work.
Fernando Encinar, head of studies at Idealista, stated that “this is undoubtedly good data for the sector. We are facing the best month of June since 2008, with a year-on-year increase of 19.3%. If we look at the accumulated of the first six months of the year, the growth is 13.2%, with more than 235,000 operations closed. Of note is the growth in sales of new construction, with 20% year-on-year, which shows some reactivation of the sector in very specific areas where demand is very high and the product is scarce.
Leading Marbella property specialist Romano Keogh commented that although in absolute statistics the largest number of property transactions have been carried out in the most populated regions of Spain which are Andalusia, Madrid and Catalonia.
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