Statistics on transfer of property rights – July 2012.

In July, the number of property transfers registered at notary was 133,144 which represent a 3.9% increase over the same period last year.

This is according to figures released by the National Institute of Statistics which also showed that the number of homes transferred in July was 2.5% lower than in the same month last year.

The press release is below.

The number of property transfers recorded in the land registries, from public deeds previously registered, was 133,144 in July, that is, 3.9% more than for the same month in 2011, and 2.2% higher than in June 2012.

In the case of registered merchantings of property, the number of transfers was 57,344, representing an interannual decrease of 0.6%, and an increase of 5.3%, as compared with the previous month.

Merchantings recorded in the land registries

86.5% of the registered merchantings corresponded to urban properties and 13.5% to rustic properties. Among the urban properties, 55.2% were merchantings of dwellings.

The number of merchantings of rustic properties increased 1.2% in the interannual rate in July, while that of urban properties decreased 0.8%. Within the latter, merchantings of dwellings decreased 2.5%.

Registered merchantings of dwellings, by protection system and status

87.6% of transfers of dwellings by merchanting in July were free housing, and 12.4% were protected housing. In interannual terms, the number of transfers of free dwellings by merchanting decreased 2.5%, the same figure than protected housing.

48.5% of the dwellings transferred by merchanting in July were new, and 51.5% were used. The number of transactions on new dwellings decreased 0.2% and the number of used dwellings decreased 4.6%, as compared with July 2011.

You can download the full press release here: Statistics on Transfer of Property Rights – July 2012

Home sales increase 15.6% in the second quarter

The results of statistics on residential property transactions made before a notary, released on Friday by the Ministry of Development, show that in the second quarter of 2012, 80,235 homes were sold in Spain, which represents an increase of 15.6% over the previous quarter.

In the period between June 2011 and June 2012, the number of notarised residential property transactions amounted to 333,562.

The figure recorded in the second quarter of 2012 represents a decrease of 11.6% compared to the same period of 2011.

In relation to the territorial distribution, two regions recorded positive annual variations, the Canary Islands and Valencia, with increases of 1.4% and 0.2% respectively, while at the opposite extreme were the declines recorded for Cantabria (-36.3%), the Basque Country (-31.1%), Navarra (-30.0%) and Madrid (-28.9%).

Eight provinces registered growth, led by Lleida, with an increase of 28.1%, followed by Segovia, with 27.2%, and Alicante and Las Palmas both with an increase of 4.7%. At the opposite end stood Viscaya with a decline of 44%, followed by Melilla, León, Navarra and Ciudad Real, all with falls of around 30%.

The municipalities which recorded the highest number of sales were Madrid (4,282), Barcelona (2,238), Zaragoza (1,228), Valencia (1,128) and Seville (1,054).

Highlighted for growth among the provincial capitals and municipalities with more than 100,000 inhabitants are Getafe (322.9%), Segovia (125.7%), Toledo (109.9%), Badajoz (55.6%), Cáceres (46.6%), and Cordoba (29.0%). As for the largest declines, these were registered in Torrejón de Ardoz (-68.1%), Alcorcón (-62.5%), Móstoles (-58.7%), Fuenlabrada (-55.5%), Bilbao (-46.3%) and Tarragona (-40.2%).

Free housing transactions in the second quarter of 2012 amounted to 72,723, representing 90.6% of the total, while protected housing transactions in this period amounted to 7,512, representing 9.4% of the total.

Transactions for new housing amounted to 23,540, representing 29.3% of the total, while second-hand housing, with 56,695 transactions, recorded a fall of 5.7% year-on-year but an increase of 9.4% compared to the first quarter of 2012.

With regard to the nationality of the buyer, La Moncloa reported that transactions made by foreign residents in Spain experienced growth for the fourth consecutive quarter, namely by 12.1% compared to the second quarter of 2011, with a total of 9,502 sales.

By province, those which registered a higher number of purchases by foreign residents, were Alicante (2,645), Málaga (1,127), Barcelona (847), Santa Cruz de Tenerife (655) and the Balearic Islands (536).

Article source: Kyero.com

Unemployment rises by 38,179 in August

Unemployment increased in August

After four months in decline, unemployment resumed its upward trend in August, a traditionally bad month due to the completion of summer contracts. With 38,179 more unemployed, the total stands at 4,625,634 people, according to the Ministry of Employment.

However, Secretary of State, Engracia Hidalgo, said in a press release that while it is true that the rise in unemployment is bad news, it must be noted that this is the smallest increase recorded in August since 2006, despite the current economic downturn.

Hidalgo also noted that data from recent months show that the growth rate of registered unemployment has slowed, and said that “the Government remains committed to pursuing all necessary reforms in order to promote employment”.

Last month’s increase in unemployment is less pronounced than a year ago, when unemployment rose by 51,185 persons, while in 2009, in a context similar to the current economic downturn, there was an increase of 84,985 unemployed. Also, it is the lowest increase registered in August since 2006, when the number of unemployed rose by 28,693 people, and it is below the average for the last decade.

By sectors, unemployment rose especially in services, with 42,391 people (1.54%), followed by industry, with 6,748 (1.3%) and construction, with 2,482 (0.32%), while it fell in agriculture, with 1,332 fewer unemployed (0.81%) and among the group without previous employment, where it decreased by 12,110 people (3.16%).

Unemployment rose more among men, at 1%, whereas the number of women unemployed rose by 0.67%. Since August 2011, the male unemployment has risen by almost 13% to a total of 2,291,543, and female unemployment by 11%, to 2,334,091.

By age groups, El Mundo reported that unemployment fell among the under-25s, by 4,060 people (0.92%), but rose among that age or older by 42,239 (1.02%).

Among foreigners, unemployment fell by 9,592 people compared to July (1.61%) bringing the total number of unemployed among this group to 585,164.

Unemployment rose in twelve communities, led by Andalusia (10,365 more) and Catalonia (8,090), and dropped in five led by Galicia (2,931 less), the Canary Islands (1.119) and the Balearic Islands (564).

Article source: Kyero.com

Spain receives record tourists in July

Flight arrivals increased by almost 6%

In July this year, Spain received 7.7 million international tourists, representing an increase of 4.4% over the same month last year, or 328,000 more people.

According to the Survey of Tourist Border Movements (Frontur) prepared by the Ministry of Industry, Energy and Tourism, these figures mark an all-time high in the records for monthly arrivals.

The Ministry stressed that “this increase strengthens the positive trend seen throughout the year, with the exception of the month of April.”

Germany and France were the markets that contributed most to the month’s increase, and Catalonia was the destination that registered most growth.

Accumulated in the year, from January to July, Spain received about 33 million visitors, representing a rise of 3.3% year-on-year.

1.76 million tourists arrived from the UK in July, up 0.5% from a year earlier, and their main preferred destination was the Balearic Islands, followed by Catalonia.

The second source market was France, increasing 7.7% over the previous year to 1.27 million tourists. The Ministry, headed by José Manuel Soria, pointed out that “this positive result is mainly concentrated in Catalonia, their main destination.”

Germany followed, with 1.17 million tourists (+9.7%), and Italy, with 479,607 visitors (+5.7%).

El Mundo reported that also noteworthy, is the increase in arrivals from the United States, which soared 27% in July, reaching 180,040 tourists.

In July Catalonia was the first national tourist destination, and also experienced the biggest increase of the period, in line with the positive trend held throughout the year, as explained by the Ministry.

Specifically, the region received 2.02 million tourists, up 9%, driven by the flow of arrivals from the British, French and German markets.

The Balearic Islands, in second place, saw an increase in tourists of 2.6% in July, reaching 1.98 million. Germany, traditionally its main source market, led this increase, together with a positive contribution from the UK market.

Andalusia again registered a decrease (-2.1%), marking its seventh consecutive decline, but less intense than the previous months. Specifically, the region received 933,902 tourists, and the reduction in the number of British tourists, its primary market source, explains much of this negative result.

The fourth most visited destination was the Canary Islands, which received 821,969 tourists in July, down 14%, and which breaks the trend of increases in previous months, with the exception of April.

Frontur’s data also shows that airport arrivals increased by 5.9% in July, in line with the trend experienced throughout the year.

Road travel broke the downward trend of the first half of the year, with the exception of May, and rose 1.9%.

Tourists staying in hotels rose slightly (0.8%), following the strong increases in the first half. By contrast, non-hotel accommodation in July broke from the path of decline of recent months, registering a major increase of 10.6%.

Tourists travelling on a package holiday fell for the second time this year (-4.4%), while those not on a package holiday increased by 8.3%, after the declines of earlier in the year.

Article source: Kyero.com

Spain’s motorway tolls increased by 7.5%

Drivers face higher charges

Public motorway tolls have gone up by 7.5% with immediate effect and it is set to increase even more when the IVA/VAT rate is put in place on 1 September.

The move follows the government’s decision to reduce the subsidies granted to the motorway concessionaries.

In particular the AP-7, which runs from Cataluna down the Mediterranean coast, the AP-2 and C-33 will be affected.

Joana Ortega, Deputy President of theCataloniagovernment has criticised the decisions.

“Every Friday (After the cabinet meeting inMadrid) there are new measures which punish Catalonia and go against what the country needs,” he said.

Article source: The Olive Press

Spanish unemployment up to 24.63%

Unemployment now at 24.63%

According to the latest figures released by the National Institute of Statistics unemployment in Spain increased slightly to 24.63% during the second quarter of 2012.

The INE summarise the main points  as follows:

• Employment in the second quarter of 2012 registers a decrease of 15,900 persons, reaching a total of 17,417,300 employed persons. The quarter on quarter employment variation rate stands at –0.09%.
• The economically active population increases by 37,600 persons this quarter. The number of unemployed increases by 53,500 persons, standing at 5,693,500.
• The unemployment rate grows 19 hundredths, standing at 24.63%. In turn, the activity rate rises at 60.08%. This quarter, the loss of employment increases 70,000 persons among men, whilst decreases in 16,400 among women.
• The employment increases 14,600 among women, whilst decreases 30,600 among men.
• Employment increases in 42,800 persons in Services and in 6,200 in Construction. The employed persons decreased 44,000 in Agriculture and 21,000 in Industry.
• Wage-earners with a permanent contract increase by 4,400, and wage-earners with a temporary contract do so by 18,300.
• The number of households with all of their active members unemployed increases by 9,300 this quarter, standing at 1,737,600.
• By Autonomous Community, the unemployment rate fluctuates between 14.56% in País Vasco and 33.92% in Andalucía. The activity rate fluctuates between 52.50%, recorded in Principado de Asturias, and 67.54%, registered in Illes Balears.
• The Autonomous Communities that most increases their employment are: Illes Balears (60,400 persons), Comunidad de Madrid (7,500), Región de Murcia (6,800), Castilla y León (5,600) and Comunitat Valenciana (4,900). In contrast, the Autonomous Communities that registered the greatest decreases in employment this quarter were: Andalucia (23,300 fewer employed persons), Castilla – La Mancha (19,500 fewer), Cataluña (19,100), Galicia (16,800) and Canarias (12,400).
• The greatest decreases in unemployment persons are registered in Illes Balears and Cataluña. In turn, Andalucía, Castilla – La Mancha, País Vasco, Comunidad de Madrid and Galicia registered the greatest increases in the number of unemployed persons.

Economically active population and activity rate 

The economically active population experienced a decrease of 37,600 persons in the second quarter of 2012. The number of economically active persons stood at 23,110,400 persons. In interannual terms, the number of economically active persons decreased by 26,400 persons.

The general activity rate increased 14 hundredths, up to 60.08%. The female activity rate remained at 53.35%, while the male rate increased 29 hundredths and reached 67.15%.

The general activity rate of Spaniards rose 27 hundredths, while the rate of foreign nationals decreased 73 hundredths, this quarter. The distance between the activity rates of Spaniards and foreign nationals exceeded 17 points, in favour of the latter, this circumstance being explained by the different age structures of both populations.

Employment

The number of employed persons decreased by 15,900 persons in the second quarter of 2012, standing at 17,417,300. The interannual employment variation rate stood at –0.09%.

The drop in employment affected men (30,600 employment fewer) exceeds the increase in the occupation of women (14,600 employment fewer). By nationality, the number of employed foreign nationals increased by 9,100, while that of Spaniards decreased by 25,000.

By age, employment grew in persons older than 54 years old in 49,900 persons. The greatest decreases were observed in men between 40-44 and 25-29 years old (23,700 and 21,900 fewer respectively), Among women, the group of 20-24 years old experienced the greatest drop (11.500).

The number of employed persons increased in Services, registered 42,800 more employed persons and Construction with 6,200. The employment decreased in Industry (21,000 fewer) and Agriculture (44,000 fewer).

The increase in the number of employers this second quarter (15,000 more employers) did not compensate for the decrease in independent workers (12,900 fewer) and in the remaining self-employed workers (2,600).

The number of wage earners decreased by 13,900. Those with a permanent contract decreased by 4,400, while the number of wage earners with temporary contracts decreased 18,300. The temporary employment rate decreased one tenth, standing at 23.66%.

Part-time employment increased by 94,300 persons this quarter, whilst full-time employed persons decreased by 110,300. The percentage of persons working part-time increased more than half point, up to 14.93%.

The interannual variation of employment was –4.48%, almost nine tenths lower than that registered the previous quarter. Employment experienced a decrease of 885,800 persons in one year, 895,200 of whom were wage-earners and 10,100 of whom were self-employed workers.

The drop in the interannual employment among men (570,100 fewer) were higher than those women (315,700).

Unemployment and unemployment rate

The increase in unemployment was 53,500 this quarter, standing at 5,693,100. In the last 12 months, the total figure of unemployed persons increased by 859,400 persons.

The unemployment rate rose 19 hundredths, as compared with the first quarter of 2012, standing at 24.63%.

The male unemployment rate increased 48 hundredths, up to 24.57%, whilst the female rate decreased 15 hundredths, and stood at 24.71%. The composition of unemployment observed since the year 2008 remained, with relatively little distance between the male and female rates, and a greater number of unemployed men than unemployed women.

By nationality, the unemployment increased 113,300 among Spaniards and decreased 59,700 among foreign nationals. The unemployment rate for the foreign population was 35.76%, 13 points higher than that of persons with Spanish nationality.

Unemployment decreased in Construction (40,500 fewer) and in Services (84,500 fewer). In contrast, unemployment increased in Industry (23,500 more) and in Agriculture (11,400 more). Unemployment also increased among those persons who lost their job over a year ago (107,400 more), and among those seeking their first job (by 36,100).

The number of unemployed persons increased in all sectors in the last 12 months.

You can read the complete press release here: Economically Active Population Survey - Second quarter of 2012

Euro area unemployment rate at 11.1%

Not good news for the unemployed

Unemployment in the Euro zone stood at 11.1% in May, a rise of 0.1% from April and up by 1.1% compared to the same month in 2011.

The figure across all 27 members of the EU was at 10.3% in May, up 0.1% compared to April 2012 and up from 9.5% in the same month last year.

This is according to figures released by statistics agency Eurostat who estimate that 24,868 million men and women in the EU27, of whom 17,561 million were in the euro area, were unemployed in May 2012.

Comparing to April this year, the number of unemployed people increased by 151,000 in the EU27 and by 88,000 in the Euro zone. Comparing to May in the previous year unemployment rose by 1,952 million in the EU27 and by 1,820 million in the Euro zone.

The lowest unemployment figures were recorded by Austria (4.1%), the Netherlands (5.1%), Luxembourg (5.4%) and Germany with 5.6% unemployment. The highest, unsurprisingly, was Spain with 24.6%, followed by Greece where unemployment in March stood at 21.9%.

Comparing to May 2011, unemployment fell in eight member states, increased in 18, while remaining stable in Hungary. The largest fall recorded was in Estonia where the figure fell from 13.6% to 10.9%. In Lithuania a fall of two points from 15.7% to 13.7% was recorded. The highest increases were recorded in Greece and Spain jumping from 15.7% to 21.9% and 20.9% to 24.6% respectively. In Cyprus, the latest country to ask for help, the figure increased from 7.5% to 10.8%.

By Sex

The rate of unemployment between the sexes remains similar across Europe. In the Euro zone the rate for males increased from 9.8% to 10.9%. Across the EU27 the rate increased from 9.5% to 10.3%. For females the rate in the Euro zone increased from 10.3% to 11.3% while in the EU27 the rate increased from 9.6% to 10.4%.

Youth Unemployment

The picture for young people (under 25) continues to be bleak with higher overall figures.

In May 2012 there were 5.517 million young persons claiming unemployment in the EU27, of whom 3.412 million were in the Euro zone. Compared to May 2011, the number of young people out of work increased by 282,000 in the EU27 and by 245,000 in the Euro zone. In may of this year youth unemployment was at 22.7% in the EU27 and at 22.6% in the Euro zone, compared to the previous year when the figures were 21.0% and 20.5% respectively

The lowest rates of youth unemployment were recorded in Germany (7.9%), Austria (8.3%) and the Netherlands (9.2%), and the highest was in Greece (52.1% in March 2012) and Spain (52.1%).

You can see the full report from Eurostat here: Euro area unemployment rate at 11.1%

Tax increases being discussed

Deputy Budget Minister Marta Fernandez Curras

As the Spanish government continue to struggle with their public debt discussions over possible tax increases are now taking place.

Despite election promises the government are considering scrapping the home-owner rebate introduced by Rajoy’s government only six months ago following an election campaign pledge.

“Is the government considering scrapping the tax rebate for mortgage holders? Yes,” Deputy Budget Minister Marta Fernandez Curras said to reporters in Madrid yesterday.

“It’s not the first time it’s been done and it can be studied, it is a recommendation of the European Union and it is a traditional recommendation of the International Monetary Fund for this country.”

Curras also added that the government are discussing the possible introduction of an environmental levy and although sales tax is likely to increase she didn’t know when or by how much.

As the government battles with it’s deficit and pressure from Europe they have already backtracked on two election promises; they cut firing costs and raised income tax. Now the pledge to restore the home-owner rebate scrapped by Zapatero’s government is in danger too. Another election pledge they have enacted was to increase pensions – so far there is no mention of a u-turn on that one.

Despite the country’s budget deficit increasing during the first quarter of this year Curras is confident that the government will meet it’s target for 2012.

“The deficit has started on a downward path and we expect that to intensify,” Curras said. “We are determined to meet the budget target.”

Average mortgage value increased in April

The average value of new mortgages stood at 114,340 euros in April, a 0.7% increase on the interannual rate.

This is according to mortgage statistics for April 2012 released by the National Institute of Statistics (INE).

Mortgage Statistics - April 2012

During the month of April, the average amount of mortgage constitutions recorded in the land registries stood at 114,340 euros, a figure 0.7% higher than the same month the previous year and 1.5% higher than that recorded in March 2012.

In the case of mortgages constituted for dwellings, the average amount was 99,662 euros, 7.1% less than in April 2011, and 4.0% less than that registered in March 2012.

The value of the mortgages constituted on urban properties was 3,760 million euros in April, indicating an interannual decrease of 28.8%. In dwellings, the capital loaned exceeded 2,142 million euros, 36.1% less.

Mortgages by institution

Banks were the institutions that granted the largest number of mortgage loans in April (71.6% of the total), followed by Savings Banks (11.6%) and Other financial institutions (16.8%).

Regarding the capital loaned, Banks granted 72.6% of the total, Savings Banks 11.8%, and Other financial institutions 15.6%.

Mortgage interest rates

The average interest rate in April 2012 was 4.38%, indicating a 8.4% increase in the interannual rate, and 0.2% as compared with March 2012.

By institution, the average interest rate of Savings Bank mortgage loans was 4.53%, and the average term was 23 years. Regarding Banks, the average interest rate for mortgage loans was 4.54%, and the average term was 23 years.

92.8% of the mortgages constituted in April used a variable interest rate, as opposed to the 7.2% that used a fixed rate. Within the variables, the Euribor was the reference interest rate most used in constituting mortgages, specifically in 84.6% of new contracts.

Mortgages with registration changes

In April, the total number of mortgages with changes in their conditions recorded in the land registries stood at 26,494, with an interannual increase of 16.4%. For housing, the number of mortgages with modified conditions increased 17.0%.

Considering the type of modification of the conditions, in April 21,417 novations (or modifications produced within the same financial institution) were produced, for an interannual increase of 14.0%. The number of transactions that changed institutions (subrogations creditor) was 3,387, that is 22.8% more. In turn, 1,690 mortgages changed the holder of the mortgaged property (subrogations debtor), which implied an increase of 39.6%.

Number of mortgages with changes in interest rate conditions

Of the 26,494 mortgages with changes in their conditions recorded in the land registries in April, 36.4% were due to changes in interest rates.

The percentage of mortgages at a fixed interest rate decreased after the change in conditions (from 4.6% to 3.2% of the total), since most of these loans were referenced to a variable interest rate. Within the interest rate structure, the Euribor was the main reference. The lowest average interest before and after the change was that corresponding to Active Reference Rate of Savings Banks.

After the modification of conditions, the average interest of the loans increased 0.91 points in fixed interest rate mortgages, and decreased 0.26 points in variable interest rate mortgages.

You can see the full report here: Mortgage Statistics – April 2012

Rental costs increased in April

According to figures from the National Statistics Institute, the cost of renting a property in Spain increased by 0.7% in April, compared to the same month in 2011. However, there was no change compared to the previous month.

The increase was 1.4 points below the overall CPI which stood at 2.1% in April.

There were only two regions where rental prices decreased. They were Murcia and La Rioja where rental costs decreased by 1.2% and 0.3% respectively.

The region that saw the greatest increase was Catalonia where an increase of 1.4% was recorded. The Basque Country and Asturias followed, both recording an increase of 1.2%.

Andalucia saw an increase of 0.8% while Melilla and Ceuta (Spanish territories in North Africa) both registered a 0.7% increase. Madrid saw a small increase in rental costs of 0.2%.

By province Alicante saw a fall in rental costs with a -1.1% change. The largest increase by province was seen in Palencia with 1.7%, while León, Granada and Barcelona all registered an increase of 1.6%.