Household foreclosures fall by 7.4 per cent in Spain in annual terms

Registrations for foreclosures in Spain initiated on individual owned households fell by 7.4% in annual terms, with those initiated on dwellings owned by legal entities fell by 60.2 per cent, as reported on Wednesday, September 7.

The number of registrations of foreclosure certifications in Spain initiated in the land registries in the second quarter of 2022 is 7,115 which is 10.7 per cent less than the previous quarter and 27.4 per cent less than in the same quarter of 2021, according to Spain’s National Institute of Statistics.

Registrations for foreclosures initiated on dwellings owned by individuals decreased by 7.4% in annual rate.

Among them, 3,1651 are habitual ownership (4.1 per cent less) and 692 are not habitual residence of the owners (19.8 per cent less).

Spain’s Autonomous Communities with the highest number of foreclosure certifications over the total number of properties (including individual households and bank owned properties) in the second quarter of 2022 were the Comunitat Valenciana (1,552), Andalusia (1,410) and Catalonia (1,186).

La Rioja (48), Comunidad Foral de Navarra (49) and País Vasco (81) registered the lowest number.

In the case of household dwellings, Comunitat Valenciana (1,054), Andalucía (1,041) and Cataluña (804) show the highest number of foreclosures.

The lowest were in Comunidad Foral de Navarra (20), La Rioja (35) and Cantabria (44).

The news follows reports that Spain will reportedly lower the VAT on gas from the current 21 per cent to 5 per cent so that citizens will see a reduction in the amount they have to pay this coming winter.

This was announced by the President of the Government, Pedro Sánchez in an interview with Hoy por Hoy, stating that this measure will be implemented in October and will end in December, although he is open to extending for a few more months.

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