Posted on May 13, 2016 in Property

Sales of homes in Spain increased by 16.8% in March, compared with the same month of 2015, to a total of 31,925 transactions, according to the latest Transfer of Property Rights data published by the National Statistics Institute this week. With this increase, home sales have accumulated two consecutive months of year-on-year increases, following the 15.8% increase registered in February.

The second hand market was responsible for the rise in home sales in March, with transactions climbing by 24.2% year-on-year, to a total of 25,765 transactions. In contrast, sales of new homes registered a decline of 6.6% compared with March last year, with 6,160 transactions.

Some 89.2% of the housing sales in March were for free housing and 10.8% for subsidised housing. Sales of free housing increased by 16.5% in March, year-on-year, to a total of 28,492 transactions, while transactions on subsidised housing rose by 18.9%, to a total of 3,433 sales.

In the first three months of 2016, El Economista reported that home sales accumulated an increase of 9.2% over the same period of 2015, thanks to the 16.9% increase in transactions on second hand homes, since the number of transactions on new homes fell by 13%.

In March, the greatest number of home sales per 100,000 inhabitants was registered in the Canary Islands (127), followed by the Balearic Islands (108).

Andalucía was the region to register most housing transactions in March, with 6,299 sales, followed by Catalonia (5,123), Madrid (4,878) and Valencia (4,186), while the regions with the least transactions were La Rioja (186), Cantabria (352) and Navarra (382).

In relative terms, home sales rose in all of Spain’s regions except for La Rioja and Galicia, where both recorded year-on-year decreases of 3.1%. In contrast, the regions to register the greatest increases in housing transactions were the Canary Islands (+52.7%), Extremadura (+34.6%) and Cantabria (+28.5%).

Month-on-month (March over February), homes sales in Spain registered a decline of 8.2%, slightly less than the 9% decline registered in the same month of 2015.

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