Resale property sales and prices on the increase in March
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.