Why Spain’s Stats Vary (a lot)

In Spain, real estate statistics from the National Statistics Institute (INE), notaries, and the Land Registry often do not align because each institution records transactions at a different stage of the property buying process. The variations you see are a direct result of these different timelines.

The Transaction Timeline

1. Signing a Private Contract: A private purchase contract is signed, and a deposit is paid. The sale is agreed upon but not yet a public, legal act.
2. Signing a Public Deed (Notary): The sale is officially formalised when the buyer and seller sign the public deed (escritura pública) in the presence of a notary. The notary’s office collects data at this stage, which is a legally binding event.
3. Registration (Land Registry): After the deed is signed, it is submitted to the Land Registry (Registro de la Propiedad). The registry officially updates the property ownership, a process that can take weeks or months. This step provides legal certainty to the new owner.
4. Statistical Reporting (INE): The INE compiles its statistics, often using data from the Land Registry. This process includes its own data processing and time lags.

Why the Statistics Vary

The primary reason for the data variations is the specific point in time each institution’s data reflects.

• Notaries report data at the moment the public deed is signed. This is the most immediate data available on new sales, giving a real-time snapshot of market activity.
• The Land Registry records transactions that have been formally registered. Since there is a time gap between signing the deed and its official registration, the Land Registry’s figures will lag behind the notaries’. However, this data is considered the most legally definitive because it represents the official transfer of ownership.
• The INE‘s figures are based on the Land Registry’s data, which already has a built-in time delay. The INE also has its own processing time for compiling national statistics. As a result, INE data provides a broad, but delayed, view of the market. Its methodology for categorising certain sales can also differ, further contributing to minor discrepancies.

So what´s the delay?

Typically, you’ll see about a 30 to 60-day gap between when a sale shows up in the notaries’ figures and when it appears in the Land Registry statistics

Practical example

In the second quarter of 2024:

• INE’s figures (based on registrations) showed a 4.5% drop in recorded property transfers during the first half of the year.
• Meanwhile, the Notaries reported a 5.9% increase in the number of deeds signed over the same period, because many of those newly signed deeds had not yet cleared the registry.

Off-Plan Sales “not included”

Well, they are, but they aren’t… The industry calls an off-plan transaction a “sale” at the initial stages (Reservation and Private Contract). At this point, the transaction is a private agreement between the buyer and the developer.

A reservation fee and initial payments are made, but these are not yet recorded by any of the official bodies. There is no public deed or registration yet. The transaction is only accounted for in the official stats much later, at the notary. The notary’s office only records the transaction when the public deed for the completed property is signed. This happens after construction is finished and the developer has obtained the “Licence of First Occupation” (licencia de primera ocupación). It’s at this final, formal completion stage that the notary’s statistics capture the sale.

The total timescale from the initial reservation to the final signing of the deed for an off-plan property can be 12 to 24 months, or even longer, depending on the specifics of the project. This contrasts sharply with a resale property purchase, which can be completed in as little as 2 to 4 months if all the documentation and financing are in order.

My conclusion:

Notaries provide the most current data on finalised transactions, the Land Registry offers the definitive legal record after a delay, and the INE publishes official national statistics that are based on the registry’s data but with an additional time lag.