Property market in Spain is getting stronger, the sales increased in May, and according to the National Institute of Statistics, volumes are already up 25 percent this year.
The property market in Spain is rebounding from the COVID-19 disaster, and sales are gradually increasing. According to the INE (Instituto Nacional de Estadistica), which uses figures from the General Council of Notaries on a regular basis, there were 47,033 house purchases registered in May, 11% more than in April and 107.6% more year on year. A year ago marked the beginning of the first de-escalation, when markets began to reopen. The fact that sales have more than doubled today, despite the fact that the health situation is not much better, demonstrates how quickly the market and buyers have adjusted to the new reality.
Another interesting statistic is that new construction home sales have slowed compared to previous months (with 9,199 units sold, compared to more than 10,000 in February and March), whereas second-hand home sales have accelerated, reaching a high of 37,834 purchases since January 2020.
The statistics show that sales and mortgages have been improving in recent months, despite the fact that data from notaries and the INE do not always agree. In the case of notaries, the most recent data indicate that last May was the best May in terms of home sales and mortgage signings since 2007.
The INE ranks Murcia (206.5 percent ), Canarias (176.9 percent ), and La Rioja (147.2 percent ) as the three regions with the highest interannual growth in house sales in May, while the Balearic Islands (61.6 percent ), the Basque Country (68.4 percent ), and the Community of Madrid (68.5 percent ) have the lowest . Andalusia and the Valencian Community have grown faster than the national average (by more than 120 percent), while Catalonia has grown slower (by nearly 89 percent). The Valencian Community (166), Murcia (153) and Aragón (146), on the other hand, have the highest number of property registrations per 100,000 inhabitants .
When the volume of property sales in Spain is considered, the ranking changes. With over 9,600 purchases, Andalusia remains at the top of the list, followed by Catalonia (7,614), the Valencian Community (6,675), and Madrid (6,474). Castilla y León is the next most prominent autonomy, with slightly more than 2,000 registered sales. Cantabria and Navarra, as well as La Rioja, were the least active markets in May, with fewer than 600 sales each.