Alex Trelinski
HOME sales in Spain leapt up by 20.2% in July 2024 compared to a year earlier according to figures published on Wednesday by the General Council of Notaries.
70,101 properties were sold in July and the average price stood at €1,731 per m2- up by 2.8% year-on-year.
The number of approved new mortgages rose by 31.1% after interest rates were cut by the European Central Bank in June, with a further reduction expected this month.
READ MORE:
- Spain’s real estate market is back to a normal and healthy growth pattern, says property expert ADAM NEALE
- How much money do I need to buy or rent a property in Spain? Latest study shows figure is rising
34,797 mortgages were approved with the average cost falling by 2.8% compared to a year earlier, reaching an average of €152,405.
The largest number of purchases were of flats with 53,682 units, rising by 19.9% in comparison with July 2023 and prices down by 0.1%.
Family home purchases rose by 21.3% year-on-year, reaching 16,418 units and prices significantly higher by 11.2%.
The most significant rises in property sales by region were in Asturias (41.6%) and the Basque Country (36.4%).
Also above the national average were Galicia (30.2%), Extremadura (29.5%), the Canary Islands (25.9%), Navarre (24.4%), Andalucia (22.2%), Catalunya (21.7%), Madrid (21.5%), Cantabria (21.4%) and Castilla-La Mancha (20.2%).
More moderate sales rises were recorded in Murcia (11.0%), the Valencian Community (11.1%) and the Balearic Islands (11.2%).
As for property price hikes, the biggest increases came in Galicia (23.8%), Murcia (21.6%) and the Balearic Islands (14.8%),
Everyone wants the deal done before the ‘dead’ month of August. As for price rises that could be because many of the properties were in new developments, granted their First Occupation Licence or Architect’s Responsibility, again before August. Not a reflection of a boom in the market