Archive for July, 2010

 

July 20th, 2010

A new report from Spain’s Property Registrars suggests that transactions – the lifeblood of the property market – are bottoming out, though it is still too early to declare a recovery under way.

The number of property deeds of sale inscribed in the property registry rose by 7% in Q1 compared to same period last year, according to the latest report from Spain’s College of Property Registrars. This is the first time in several years that annualised sales have risen in a quarter.

On a quarterly basis (Q4 2009 vs. Q1 2010), registered sales were up by healthy 16.3% (not adjusting for seasonal factors such as holidays), giving “the highest volume of transactions in the last year and a half,” says the report. After adjusting for seasonal factors, sales were up 1.83% in Q1, the first positive quarterly result after 15 consecutive quarterly declines.

Of the total 117,911 deeds inscribed in the register in Q1, 60,740 were new builds and 57,171 resales, a quarterly increase of 16% in new build sales, and 17% in resales. This points towards a “slow but steady recovery of the relative importance of resales, now 48.5% of the total,” says the report. On an annualised basis, resales were up 22% whilst new builds were down 4%.

Story by Mark Stucklin

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July 20th, 2010

The Spanish house price index figures for June 2010 have just been released. See the graph and the table below for an up to date overview of the real estate market trend in Spain.

Spanish House Price Index - June 2010

Spanish property prices are still falling, but by less with every passing month. Average Spanish property prices fell by 4.4% over 12 months to the end of June, show the latest figures. The rate of decline has been slowing since June 2009, when it peaked at -10.1%. If the trend towards smaller declines keeps up, average property prices will be stable, or even growing slightly before the end of the year. Prices have fallen the least over 12 months in coastal areas and the Islands, areas traditionally popular with foreign buyers looking for holiday and retirement homes. Prices are down just 3.0% on the coast.

The graph and table data represent the year-on-year evolution of Spanish property values. For example, if the value for August 2009 would be -3.9, then this means that average property prices in August 2009 are 3.9% lower than they were a year earlier, in August 2008.

The graph and table on this page contain up to date information for the past 13 months. For more information, please look at earlier monthly reports, or the historical overview since January 2001.

The graph and table data are based on actual property valuations, as established by one of Spain’s larget independent property valuation companies, Tinsa S.A. They are not based on asking prices or (under)declared selling prices, nor on the statistics as provided by the Spanish Ministry of Housing, and are therefore considered to be the most acurate and reliable source for this kind of information.

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