First real estate improvement since 2010
In 2016 the forecasts for improvement in the real estate sector have been met, with the sale of more than 400.000 properties for the first time since 2010.
The expert’s forecast on how Property sales were going was well under way. The National Statistics Institute has confirmed that during 2016 403.866 property purchases were carried out in Spain.
The accumulated figure of the last fiscal year shows a year-on-year growth of 13,6%, becoming the highest since 2010 (when the figure reached 440.000) and excedes by 1% the barrier of 400.000 transactions expected by the market.
From the lows of 2013, when 312,600 sales were barely closed, the number of transactions has increased 29.2%. However, the current figure remains 48% below 2007, when more than 775,000 operations were sealed.
Throughout the year, second-hand homes have been the protagonists, with four out of five transactions and marking highs since 2007 after adding 328,248 sales. New homes, on the other hand, have signed their worst year in history after recording 75,618 sales.
If we analyze the sales data by autonomous regions, we find that the three most populated regions of Spain, Andalusia, Catalonia and Madrid, have captured more than half of the transactions.
In particular, they have added 203,386 operations, with Andalusia leading with 78,708.
For Mary Dunne, director of MPDunne – Hamptons International, “2016 has ended with more than 400,000 homes sold according to the INE. The growth of more than 13% compared to the previous year is stabilization in the process of normalization of the sector, which despite the turmoil of the mortgage market and Brexit, has managed to sell more homes. In the coming months, sales statistics will continue to show increases, although it is possibly with more moderate growth rates, due to higher mortgage rates”.