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Property sales are making big mark,  after crisis years

FOR the first time since before the 2008 financial crisis, annual house sales in Spain have broken the half-million barrier.

Latest figures show a 10.1% hike in residential property changing hands in 2018, and, according to the National Institute of Statistics (INE), a total of 515,051 homes were sold last year.

The boost was attributed to a combination of economic growth, financial strength, improvements in the jobs’ market,  and residential property being much cheaper now than just before the “bubble” burst in 2008.

Data by INE shows that last year saw the market beginning to plateau, with the most moderate rise in purchase growth since 2014. That’s the year when the number of transactions rose by just 2%, compared with 11.5% the following year, 14% in 2016, and 15.4% in 2017.

But sales numbers at the end of last year were their highest in a decade, and both new-builds and second-hand homes were behind the annual growth, according to the INE.

This fifth year of increases in home sales numbers is in stark contrast with the worst years of the financial crisis, 2008 and 2009, when property purchases plunged by 25.1% and 28.8% respectively.

In 2011 and 2012, sales were still falling in double-figure percentages, at 18.1% and 11.5%, then an end to tax breaks on buying main residences saw a reduction of 1.9% in 2013.

From then on, however, growth has been consistent. In 2018, a total of 422,531 second-hand homes, and 92,520 new-builds were sold, the first being the highest number since 2007 and the second being the best since 2014.

The greatest number of property sales in 2018 per 100,000 inhabitants was in the eastern region of the Comunidad Valenciana, which comprises the three provinces of Valencia, Alicante and Castellón on the Mediterranean coast, with 2,010 homes per 100,000 residents shifted.

This means that one of Spain’s most populous and popular regions was streets ahead of the rest of the country, given that the second-highest number of transactions per 100,000 residents, in the Balearic Islands, was 1,641.

Andalucía was third, with 1,537 sales per 100,000, and,

in terms of overall numbers, Andalucía, with 101,330,  accounted for the most properties sold, followed by Catalunya, with 81,020, the Comunidad Valenciana with 78,800 and Madrid with 75,845.

 

Short URL: http://www.canarianweekly.com/?p=47182

Posted by on Apr 12 2019. Filed under Local News. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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