Following two consecutive months of increases, property sales in Spain in March 2024 reached 56,559 a drop of 13.7% year-on-year, figures from Spain’s Notaries show. However, it should be noted that sales in March were ๐ฎ๐ฉ against February by 3,417 properties, so for those of us wanting to put a positive spin on this, thereยดs the angle!
๐๐๐ซ๐๐ก ๐๐๐๐ ๐ฏ๐ฌ ๐๐๐ซ๐๐ก ๐๐๐๐
๐ป Andalucรญa -20.4%
๐ป Comunidad Valenciana -9.7%
๐ป Balearics -11.6%
๐ป Murcia -6.7%
๐ป Canaries -21.4%
๐ป Cataluรฑa -16.6%
In terms of actual sales volumes, these were the top 3 regions:
๐ธ Andalucia x10,977
๐ธ Comunidad Valenciana x9,455
๐ธ Cataluรฑa x8,269
The average price per square meter rose 4.2%, to โฌ1,683 /mยฒ with large increases in the Balearic Islands (23.9%), Canary Islands (18.0%), and Cantabria (16.1%).
In March Mortgage loans for home purchases decreased 4.5%, with significant drops in Navarra (-25.2%) and the Balearic Islands (-19.1%). The percentage of home purchases financed by a mortgage was 46.8%, with the mortgage amount averaging 71.7% of the purchase price.
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Despite a significant year-on-year fall in transaction volume in Andalucia of -20.4%, in absolute terms, it is the Spanish region where the most properties were sold in March. Contrasting with this drop in sales volumes, property prices rose 7.1% compared to March last year.
๐๐ฒ ๐ญ๐๐ค๐ ๐ So sales volume drops year-on-year but increases month on month, and prices continue to rise… this points to a bigger jump from Feb to March last year than anything untoward this year. At most, we didn’t get the massive uplift we sometimes see around Easter time.
Full report here
