Home Sales Register Second Best Quarter Since 2010

The sale of homes in Spain increased by 13.9% in the second quarter of the year, registering a total of 104,530 transactions, according to statistics published on Thursday by the Ministry of Public Works. This is the sixth consecutive quarter of year-on-year growth registered and is the second best quarter since 2010, when 153,164 transactions were registered. In addition, the figures for the second quarter are the highest recorded in a quarter since the end of 2012, when there were 134,601 transactions.

This latest increase comes after home sales grew by 4.4% in the first three months of the year, and also closed 2014 with a total of 365,594 transactions, recording an increase (17.4%) that left behind the decline recorded the previous year, and which represented the largest rise recorded in a full year since 2004, when the comparable series began.

Compared to the first quarter of the year, when a total of 85,133 transactions were carried out, home sales increased in the second quarter by 22.7%. In the last twelve months, the number of home sales transactions made before a notary amounted to 382,471, which is 13.3% more than the previous 12 months.

Despite this growth, the number of home sales in a quarter is still 58% lower than the maximum figures registered in 2006, when they exceeded 251,600 transactions in a quarter.

Some 99,940 transactions were carried out on free housing during the second quarter of 2015, representing 95.6% of the total, while transactions for protected housing in that period totalled 4,590 (4.4%).

With regard to type of housing, a total of 13,031 of the transactions carried out in the second quarter related to new housing, which accounted for 12.5% of the total, and 91,499 of the transactions were for second hand homes, representing 87.5% of the total.

Comparing the second quarter of 2015 with the same period in 2014, home sales increased in 14 of Spain’s regions, as well as in the autonomous cities of Ceuta and Melilla, and declined in three. The greatest increases were registered in La Rioja (44.2%), Ceuta and Melilla (33.9%), the Balearic Islands (30.1%), Cantabria (29.4%) and Murcia (25.7%), while the declines were registered in Navarra (-14.7%), Extremadura (-1.5%) and the Basque Country (-0.6%).

With respect to the nationality of the home buyers, El Economista reported that transactions carried out by foreigners resident in Spain increased year-on-year for the 16th consecutive quarter, by 17.2%, to 17,307 transactions.

In addition, the number of home purchases made by non-resident foreigners reached a total of 1,244 transactions, representing an increase of 5%. Overall, a total of 18,551 home sales transactions were carried out by foreign buyers (resident and non-resident), representing 17.7% of the total transactions in the second quarter, and the provinces which recorded the greatest number of purchases by foreign residents were Alicante (4,141), Málaga (2,517), Barcelona (1,470), Madrid (1,173) and Tenerife (1,099).