The Spanish notary association is the latest to release further positive data regarding the property market in 2017.
Data from the third quarter of last year revealed that average prices rose by 6.6 per cent compared to the same quarter the year before. Sales transactions also increased across all of Spain's 17 regions by an average of 13.5 per cent to 118,951. Both sales transactions and prices have now increased in each of the last nine quarters, with the sharpest rises reported in the Canary Islands (17.9 per cent), the Balearics (10.7 per cent) and Catalunya (10.2 per cent).
Property price increases of 6.6 per cent over the last 12 months have brought sale prices to an average of 1,533 euros per square metre.
The number of approved mortgages has also risen by 14.6 per cent to 52, 297 in the last quarter of 2017, as well as the average loan capital which increased to an average of 134,261 euros, a 2 per cent rise. A total of 44 per cent of all property purchases were financed with mortgages, according to the report.
Additional data published by the National Institute of Statistics (INE) revealed an 18.1% increase in sales transactions in the month of November, compared to the same month in 2016. Slightly lower to the month of October which saw an increase of 25.7%. Property purchases rose consistently over seven months until the beginning of November, from which point the INE have yet to release the latest figures.
Overall, sales of resale properties for the month of November showed a 15.8% year-on-year increase, totalling 33,100, whilst 7,479 new builds were sold, revealing a 29.8% rise compared with the same month in 2016.
The data continues to show a positive outlook for the Spanish property market today and beyond. Spain has one of the fastest growing economies in the EU and prices have bounced by an average of 21% since the end of the financial crash.
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