House prices went up 6.6% in 2015 and sales increased 11.2%

House prices went up 6.6% in 2015 and sales increased 11.2%

17th February 2016, Comments 0 comments

According to a recent report by the Property Statistics Registry, house prices in Spain went up 6.6% annually last year and the number of property operations increased 11.2%, reaching a healthy 354,538 transactions, which is the largest amount in one year since 2011.

During the last quarter of the year (Oct to Dec), a total of 84,031 properties were purchased. This was 7.9% more than during the same period of 2014, the year before.

And with regards to the previous quarter (July to Sept), the value of property in Spain rose 0.9%, clawing back a small amount of the value that has been lost since maximum figures seen in 2007.

In relation to the third quarter, however, the number of property transactions that took place in the final three months of the year actually fell by 9.4%.

Once again, the difference in the number of operations involving new-build properties and re-sales explains what is happening in the market at the moment. The majority of buyers are only interested in second-hand properties (more than two years old), and sales of these went up by a massive 39.7% annually, while the number of purchases of new builds decreased 36.9%.

The number of purchases involving foreign buyers reached 14.4% of the total during the fourth quarter of 2015. This was an increase of 13.2% from last year. Over 12,000 operations a quarter were exceeded and last year’s figure of 46,000 transactions was also surpassed too.

Source: www.expansion.com

 

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