Posted on August 5, 2016 in Property

Data published earlier this week by the National Statistics Institute revealed that home sales in Spain increased by 19.4% in June, compared with the same month of last year, to reach a total of 36,856 transactions. According to the agency’s Statistics on Transfer of Property Rights, this is the highest figure registered since January of 2013, when a total of 39,920 transactions were recorded.

With this latest increase, home sales have accumulated five consecutive months of year-on-year increases. However, the June increase is lower than the figure recorded in May, when home sales climbed by 23.6% year-on-year.

The Institute reported that the second hand market and, to a lesser extent, the market for new homes were responsible for the rise in sales in June. Specifically, transactions on second hand homes increased by 24% year-on-year, reaching a total of 30,270 transactions, while sales of new homes rose by 2% over last year, to 6,586 transactions.

The Ministry’s data also shows that another factor related to the increase in the number of transactions is the geographical location, with home sales increasing more in coastal locations than in inland areas. Thus, the regions which registered the greatest number of transactions per 100,000 inhabitants are the Balearic Islands (136), Valencia (128) and the Canary Islands (118).

Andalucía is the region to register most home sales, with a total of 7,496 transactions, followed by: Catalonia (6,000), Madrid (5,441), and Valencia (5,012) while at the provincial level, most transactions were recorded in: Madrid (5,441); Barcelona (4,145); Alicante (2,620); Málaga (2,535) and Valencia (1,797).

Some 90.6% of the homes sold in the sixth month of the year were free housing and 9.4% were subsidised housing. Sales of free housing rose by 20.6% year-on-year in June, to a total of 33,390 transactions, while those carried out on subsidised housing increased by 9.2% year-on-year, to a total of 3,466 transactions.

ABC news reported that, in the six months to June this year, home sales accumulated an increase of 16.4% over the same period of 2015, reaching a total of 207,593 homes sold, thanks to a 22.2% increase in the number of transactions on second hand homes (166,509), since transactions on new homes registered a decline of 2.5% (41,084 transactions).

Moreover, the statistics show that month-on-month (June over May), sales of homes in Spain increased by 1.2%.