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ARCHIVED - Notaries report slight increase in October Spanish property sales
Almost half of all purchases in October were financed by mortgage loans
The latest set of data regarding the residential property market to come from Spain’s notaries was published on Tuesday, reporting only a slight increase in sales but at the same time the most significant one in the last six months, following a sharp drop during the summer.
The provisional total of 50,176 sales finalized before notaries was the highest since May and represented a timid rise of 1 per cent, and at the same time, again according to the notaries’ figures, the average price paid for units of housing rose by 0.8 per cent in comparison with October 2018 to 1,407 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.
Meanwhile, the number of mortgages constituted on housing purchases during October was 3.9 per cent lower than last year at 24,296, with an average loan capital of 132,489 euros (3.9 per cent lower than in the same month last year). But the most significant statistic, it could be argued, is that as many as 48.4 per cent of all purchases in the month were financed by mortgage loans, close to being the highest proportion since 2011, while in these cases the mortgages accounted for an average of 72.7 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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