Marbella Real Estate Market Current Trends & Facts
By Salma Hwedi on - 2m. reading time
“National Institute of Statistics (INE): the sale of houses rises and by the middle of summer has already exceeded 300,000 operations this year”, informs Spanish Idealista News.
Home sales in Spain continue to rise. According to INE data, 45,900 transactions were carried out in July, up by 16.2% year-on-year.
This is the third highest monthly figure. It increases accumulated volume for the first seven months of the year, exceeding 300,000 operations (about 308,000), which demonstrates an increase of 11.7%.
In addition, the balance of the last 12 months already reaches half a million units, the most significant figure since 2008. Compared with the previous 12 months, the upturn is 13.7%.
As usual, sales of pre-owned homes are responsible for the vast majority of operations. Specifically, in July there were sold 38,120 used homes vs. 7,780 newly built. In consequence, the “second-hand” real estate market represents around 83% of all transactions.
The INE figures place Andalusia, Catalonia, municipality of Valencia and Madrid as the regions where most sales have been carried out, with more than 7,000 each. But if we look at the areas that have registered more operations per 100,000 inhabitants, we can see the municipality of Valencia (185), the Balearic Islands (172) and the municipality of Madrid (137).
Although on average, the sale of homes has grown by 16.2% year-on-year during the month of July, we discovered that there are up to 8 autonomies with an increase of over 20%. Please see the results in continuation:
As can be seen from the graph, Aragón heads the interannual increase with 32%, followed by several autonomic regions that have registered an increase between 20% and 30%, such as Galicia, Murcia, the Balearic Islands, municipality of Valencia and Valencia.
Below the national averages are Madrid and Catalonia, having experienced the most moderate year-on-year growth (4.4%, four times less than the whole of the country). However, there are two regions that have registered decreases close to 4%: Rioja and the Canary Islands.
2008, in the spotlight.
Between August 2017 and July 2018, 499,915 home purchases were registered in Spain; that is half a million! It is a balance sheet that hasn’t been seen since 2008 when 552,000 operations were registered. Considering the current pace of operations, if there are no big surprises there’s a possibility of reaching a volume of 530,000 transactions in total.
