Property sales transactions in Spain went up by 11.2 per cent in January of this year, reaching a total of 38,953 new home sales across the nation. According to the monthly housing market report from the Spanish Notaries’ Association, house prices remained relatively unchanged to the month before at €1,363 per square meter.
Seasonally adjusted, home sales increased by 7% in January, second-hand flat sales rose by 9.2%, sales of new build properties went up by 11.8%, and single-family home sales were up by 19.6%. Mortgage approvals are also on the rise with a 7 per cent increase in January alone. 25,488 new loans were paid out with an average value of €169,722, up 5.5% in a year.
Property sales transactions in Spain have steadily increased over the last five years and are now above the level reached in 2009, but still 30% lower than before the crash in 2007. House prices continue to see improvements across the nation with some major differences from region to region, but are also still 30% below peak levels, providing lucrative investment opportunities in property in Spain.
The gradual recovery of the Spanish property market signals a period of sustained and responsible growth that was lacking in pre-crisis years. Official government figures continue to show positive shifts in the property market increasing consumer confidence and catching the attention of new kinds of investors encouraged by continuously improving market conditions.