Homes Sales up 21.9% Over Last Quarter of 2011

According to statistics from the College of Property Registrars released on Friday, home sales fell by 26% in the first three months of the year, over the same period last year, but increased by 21.9% over the last quarter of 2011.

The number of transactions recorded in the first quarter is a “relative recovery” over the last nine months, which the registrars attributed to the “especially intense” lowering of prices.

This drop in house prices has been facilitated by the disposal of real estate assets in the financial sector, and from the continuation of the 4% super tax levied on the purchase of new homes.

Therefore, El Economista reported that, compared to the previous quarter, new home sales rose 29.4% (48,691 sales), while second hand home sales grew by 14.4% (43,520 transactions).

All regions experienced increases in home sales over the previous period, with the greatest volumes being reached in Andalusia (17,240), Madrid (13,685), Catalonia (12,760) and Valencia (11,590).