Property sales recorded in Spain recorded in the land registry soared in October 2017, up 28%, the biggest increase since the housing market recovery began.
The figures from the National Institute of Statistics suggest that the end of the summer months were strong for sales as the data refers to transactions completed in August and September.
The figures also show that sales of both new and existing homes increased in October, with new home sales up 30%, and resales up 26%. New home sales have now increased for six months in a row, the first period of sustained growth in new home sales in more than a decade.
Prices are also moving upward. Nationally prices increased by 4% in November month in month, the latest index from property appraisal firm Tinsa shows and year on year they were up 4.1%, higher than the 1.8% recorded in the same period in 2016.
Year on year the strongest price growth was 6.8% in the Balearics and the Canaries, but as with sales, Catalonia has seen price growth slow. ‘The property market continues on a positive note with the main trend being moderate price growth,’ said Jorge Ripoll, director of Tinsa research services but he added that price rises in Catalonia came to a halt in November because of the political situation and in anticipation of the regional elections in December.
Agents and builders are also recorded positive growth in the Spanish market. Taylor Wimpey Espana has reported a 13% increase in demand during 2017 up to the beginning of November compared with the same period on 2016, the biggest growth in the last six years.
‘The Spanish housing market has remained strong throughout 2017 and we believe that it will continue to thrive further in 2018,’ said Marc Pritchard, sales and marketing director of Taylor Wimpey Espana.
