Residential property sales in Spain, especially on the Costa del Sol, in areas such as Marbella, Nueva Andalucia and The New Golden Mile are continuing to rise with the latest data showing that the number of transactions recorded by notaires increased by 7.3% compared with the same month back in 2014.
These figures mark 18 months of continuous growth in the Spanish property market, the figures from the General Council of Notaires has released an analysis report demonstrating the rapidly recovering property market.
A breakdown of the data shows that apartment sales increased by 6.2% year on year, more than double the increase recorded in October 2015. This was due to sales of free price apartments rising 8.3% and also sales of resales, or previously owned apartments rising by 12.2%.
Sales of detached family homes also saw rapid growth, up 11.4%, recording nine months in a row of double digit increases. However, sales of new housing fell for a tenth month in a row, down in November by 18.6%.
In light of this recent news, we can deduct that prices are still fluctuating. The average price per square meter of homes sold in November was €1,219 per square meter, a fall of 1.1% year on year. A breakdown shows that apartment prices fell by 0.6% and the price of individual family homes fell by 0.8%.
The data also shows that the price per square metre of resales apartments fell by 0.7% year on year to €1,320 but for new apartments it increased by 5.9% €1,666.
The total number of new mortgage loans also increased by 7.3% year on year in November but in seasonally adjusted terms, this figure moderates to an increase of 2.4% year on year, the lowest increase in 18 months.
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