Resale property sales and prices on the increase in March

20th May 2016, Comments 0 comments

According to the General Council of Notaries, the sales of resale properties are flying.

In fact, during the month of March a total of 38,674 transactions were carried out, which is a 5.8% increase from the same month in 2015.

However, while buyers invested more money than before into purchasing second-hand homes, the number of people that bought a new-build property fell 18.5% during the third month of this year from March 2015.

The average price per square metre of property reached 1,261 euro in March, which is a rise of 1.9% over the last 12 months.

But it must be noted that the average price of new builds went up a massive 10.7% to reach 1,678 euro/square metre, and the price of second-hand property rose just 1.1%, reaching 1,361 euro/square metre.

And, according to our notaries, people are taking out a greater number of mortgages when making their property purchase. Figures have revealed that since March last year, the acquisition of property via a mortgage has gone up 17.1%.

During March, a total of 18,075 new mortgages were contracted in order to purchase a new home.

New homeowners also borrowed 2.7% more capital than they did last year, securing loans of 125,265 euro on average.

And, the amount of money borrowed from the banks for the purpose of actually building a home rose 13.7% to 227,583 euro.

The percentage of properties purchased by finance through a mortgage sits at 46.7%, while the remainder are bought with cash.

Source: www.idealista.com

 

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