Spanish property sale increase 21.9 percent
The number of property sales reached 92,211 in the first quarter of 2012, representing a 21.9% increase over the previous quarter, according College of Property Registrars.
These data shows a “relative recovery” from the previous falls. However, the property registrars have warned that these results should be viewed with “caution” because they are influenced by the particularly strong decrease property prices over recent quarters of banks real estate assets, as well as measures such as the halving of IVA (VAT) that needs to be paid on the purchase on new properties.
This is reflected in the type of properties sold, with highest quarterly growth occurring in new properties, with an increase of 29.4%, to 48,691 property transactions. There was also a positive increase in resale properties, with property transactions rising by 14.3%, to 43,520 property sales.
By comparison, n the first quarter new property sales accounted for 52.8% of all transactions and resale’s accounts for 47.2%.
In the last twelve months, the registered Spanish residential property purchases stood at 337,873, the lowest figure since the information has been compiled from 2005, caused mainly by low levels of property purchase in the previous quarters. During this period, there were 170,706 new home purchase (-25.5%) and 167,167 resale properties (-25.1%).
Meanwhile, social housing has kept pace with growth in recent years, reaching a weight of 9.18% of total housing purchases.