Housing in 2014 continued rising

Property Sales in Spain rose again in 2014HOUSING sales in Spain have again for the third consecutive quarter risen, as 13.5% more houses were sold in the third quarter of the same period last year.

Sources in the Ministry of Development stated that the amount of sales completed before a notary between the months of July and September was 80,136. January to March also saw a rise of 48.5% in sales, with an additional 12% increase in the second quarter.

These are indeed encouraging statistics, especially when viewed with latest figures from the Institute of National Statistics (INE) which showed a 16% increase in October compared with the same month last year.

There`s still a way to go before reaching the same figures prior to the housing crash. The record remains for houses sold in a single at 251,649 homes, which was set in the second quarter of 2006.

Whilst 95% of transactions were for private houses, a majority of the resale market, just 15.1% of sales were for new homes. Even though signs of recovery are encouraging for the new homes market, a huge repository of houses still remain that need to also be sold. Slightly surprising is the fact that new housing sales are not rising quicker as stated recently in another report that new houses are being sold for less than the construction cost, enabling house buyers a unique opportunity which may not return for many years.

At the top the sales chart in the third quarter was Andalucia (16,360 transactions); that was followed by Valencia (12,116); then closely by Catalonia (11,983) and finally Madrid (10,272).

A major contributor to slaes figures were foreign residents of Spain. In the third quarter their purchases accounted for 12,764 transactions, which is an increase of 17.2%, the 13th quarterly rise.

Total number of sales to foreigners which also includes non-residents reached 13,789, or 17.2% of the total house purchases in that quarter.

The most popular areas were Alicante (3,323) Malaga (1,918), Barcelona (1,103), Madrid (839) and Tenerife (721).

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