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ARCHIVED - Notaries report fourth consecutive decrease in Spanish property sales
August saw the highest proportion of purchases financed by mortgage loans since 2010
The latest set of data regarding the residential property market to come from Spain’s notaries was published on Tuesday, reporting the fourth consecutive year-on-year decrease in sales figures during August while more purchases were financed by mortgage loans than in any month for over 8 years.
During August the figure of 30,351 sales finalized before notaries was 4.5 per cent lower than in the same month last year, and although the drop is arguably negligible compared with those of 17 and 20 per cent in June and July this would appear to confirm the impression that the level of activity in the real estate market of Spain is perhaps stabilizing or even dropping after a long period of significant growth. The data since June are still provisional, but when confirmed they are likely to show that activity the market is finally reaching a level of stability in nationwide terms, having plummeted from 100,000 sales a month in 2007 to under 30,000 in 2013.
During the eighth month of the year, again according to the notaries’ figures, the average price paid for units of housing rose by 5.2 per cent in comparison with August 2018 to 1,351 euros per square metre. However, as ever it should be remembered this is a hard figure to analyse: variations in average price are not necessarily due to any nationwide trend, as they could be caused by more properties being sold in different regions of the country where prices are higher or lower, distorting the national average.
In addition, it is worth pointing out that in August the average price is almost always lower than in other months as fewer sales are finalized in the major cities of Spain due to a large proportion of the population (including many notaries!) heading for the coast for their summer holidays.
Meanwhile, the number of mortgages constituted on housing purchases during August was just 2.3 per cent lower than last year at 15,859, with an average loan capital of 133,116 euros, 4.6 per cent higher than in the same month last year. But the most significant statistic, it could be argued is that as many as 52.3 per cent of all purchases in the month were financed by mortgage loans, the highest proportion since early 2011, while in these cases the mortgages accounted for an average of 76.4 per cent of the sale price.
To view a wide range of properties for sale across Spain consult the Spanish property page.
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