Property purchases shoot up in February
According to a report recently published by the National Statistics Institute (INE), property purchases in Spain rocketed by a huge 15.8 percent in February compared to the same month last year.
A total of 34,771 transactions took place during the second month of the year; the highest number of purchases in any month over the last three years.
In January, the number of property sales fell by 2.9%, putting an end to the 16-month positive streak during which purchases had increased annually each month.
However, with February’s figures, it seems that January was just a blip and property sales will continue on their upward path.
On a month-upon-month basis, property purchases increased 7.3% in February in comparison to January’s figures. And taking into consideration the first two months of the year, numbers are up 6% from last year.
The rise in property sales has mainly been attributed to the excellent figures regarding the sale of second-hand or re-sale property, which has enjoyed positive statistics for the last two years.
A total of 26,941 re-sale properties were sold in February, the highest amount since April 2008.
However, the situation was not so positive regarding new builds, which saw sales drop 0.2% to just 7,830 transactions, and 22 months of negative figures.
With regards to Spain’s various autonomous regions, the number of property purchases only dropped in La Rioja and Castilla y León, by 3.9% and 8.6% respectively.
On the other end of the scale, purchases increased astronomically in the Basque Country, Asturias and Cantabria, by 50.3%, 40% and 38.9%, more than making up for the deficit in the other two regions.