Notaries’ Statistics Register Increase in Homes Sales in 2012
February 14th, 2013
Contradicting the recent data published by the National Statistics Institute, which reported a drop of -11.3% in housing sales in 2012, the Notarial Statistics have given a positive rate of +2.7%. According to these figures, which they state are more attached to reality, 366,225 transactions were closed in 2012 over 356,666 transactions closed in 2011.
This remarkable increase in activity, according to the notarial statistics, was due to the effect of the end of tax deductions for home buying and of the super-reduced VAT of 4%. In fact, the number of transactions in the last quarter of the year rose by +20.1%, allowing the correction of the negative rate of -5.2% accumulated to September.
In December alone, a month before the entry into force of the new tax changes, the notaries reported that housing sales grew by +33.7%. In 2012 the positive results were driven by the sale of apartments, which increased by +4.1% year-on-year compared to a -3.4% drop in family homes.
In addition, the purchase of second-hand apartments increased by +15%, while new property transactions continued to fall, by -10.6%.
Meanwhile, El Mundo reported that the price of housing, according to these statistics, declined by -11.8% in 2012, putting the average value per square metre at 1,328 euros – the depreciation being produced mainly by the reduction in the price of second-hand apartments (-15.8%), which made up the bulk of the market.
Along with the surge in house sales registered in December a slight increase in mortgage lending was recorded, although the trend remained in negative rates for the year as a whole.
The number of home mortgage loans increased by +4.5% in December, year-on-year, while the average loan volume recorded a decline of -14.6% to 138,408 euros. In addition, mortgage loans for construction fell by -4% year-on-year.
For the full year, loans to buy homes fell by -14.2%, with the average amount dropping by -13.9% for all loans. Loans for construction fell by -34.6% in 2012.
- Home Sales Fell 11.3% in 2012
- Home Sales Fell in November After Three Months of Increases
- Home Sales Increase 15.6% in the Second Quarter