Property purchases shoot up in February

Property purchases shoot up in February

11th April 2016, Comments 0 comments

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.



© On the Pulse of Spain

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