House Sales in Spain Reach Record High

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HOUSE sales in Spain have reached a record high with the historic growth of 32.4 per cent year-on-year in March. This is the highest figure since July 2019, recording a total of 47,332 properties, according to data published by the National Institute of Statistics (INE).

The figure is influenced by the restrictions due to the pandemic, which triggers the data in the annual comparison, with the commencement of home confinement measures in March 2020 resulting in the market being paralysed. The year-on-year rise in home sales in March was the consequence of the record increase in transactions for new homes, which grew by 52.6 per cent, to 10,149 transactions, its highest figure since July 2014.

The Spanish real estate agency Idealista claims the data shows that the real estate sector, at least in terms of house sales, has left the pandemic behind. While according to Fotocasa, the interest in buying a house is experiencing an unprecedented boom and will mark the momentum of the economy, although the next few months will be monitored to confirm the trend, as reported on Pisos.com. 

Andalucia topped the list of regions in Spain that carried out the most housing operations during the third month of the year, with 9,043 purchases, followed by Catalonia (8,105), Madrid (7,496) and the Valencian Community (6,124).

All communities presented positive annual rates in the number of home sales in March, except for the Balearic Islands, which saw a decrease of 3 per cent. The largest year-on-year increases occurred in Madrid (59.2 per cent), Cantabria (56.9 per cent), La Rioja (55.6 per cent) and Asturias (52.4 per cent).

 

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Diane Burke

Diane is from Limerick, Ireland and has previously lived in Seville. Having graduated with a Masters in Journalism and Public Relations she has a keen interest in digital media. As well as her passion for news, she enjoys learning about human psychology, practising pilates and has a soft spot for tapas!

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