13 Jun, 2024 @ 17:45
1 min read

Property market in Spain gets a boost with first quarterly sales rise in well over a year

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HOUSE sales in Spain rose by 1.8% in the first quarter of 2024, the first year-on-year sales increase after five consecutive quarters of falls.

Sales of new and second-hand properties totalled 160,884 between January and March, according to figures published on Thursday by the Ministry of Housing.

The increase comes after home sales fell by 11% in 2023 due mainly to interest rate increases.

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HOME SALES ON THE UP(PIXABAY image)

Despite that fall, last year’s sales total of 638,522 was the third highest in 16 years,

Second-hand homes continued to dominate the first quarter of 2024 with 142,521 sales- up 2.5% on a year earlier.

Newly built properties totalled 13,575 operations up to the end of March.

Though deals rose compared to 12 months earlier, sales in the quarter actually fell by 4% in comparison to the final quarter of 2023.

Specifically, mortgages for second-hand homes fell by 2.7%, while new ones fell far higher by 14.5%.

Between January and March, 29,698 sales were recorded by foreigners, both residents and non-residents.

Foreigners living in Spain closed 16,848 home sales, while non-resident foreigners accounted for 12,850.

By regions, the highest number of home sales in the first quarter of 2024 were registered in Andalucia (31,095, down 0.5%), followed by the Valencian Community (27,357, up 4.6%), and Catalunya(23,938, up 1.4%).

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