New Homes Sales Grow Faster Than Used Homes in Spain

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Second-hand housing is still the type of home most sought after in Spain, although new homes sales are growing thanks to the return of residential construction. New home sales grew 18.8% during the third quarter of the year with respect to the same period of the previous year, exceeding the growth of used housing, which increased 15%.

From analyzing the previous quarter we see that new homes are the ones with the highest increase (4.1%), with 20,885 purchases (17.5% of the total), showing the first signs of recovery. And there are three consecutive quarters of growth. Used housing, which remains the leader with 98,271 transactions (82.5% of the total), recorded a slight decrease (-1.1%).

The College of Registrars of Spain shows that between July and September 119,156 home purchases were registered in property registers, 15.6% more than in the same period of 2016. It’s the best performance since 2011. In the last 12 months, 445,725 operations have been registered, the highest year-on-year figure of the last six and a half years, with a year to year increase of 13%.

According to the registrars, prices continued to register increases, specifically 6.8% year-on-year and 2% over the previous quarter. The growth rate of recent quarters leaves a decline of 22.4% from the highest levels reached in 2007.

Source: ElMundo.es. Image Source.