A SHARP rise in the number of fixed-rate mortgages in Spain has been reported in the past two years – and they now account for 43% of every new loan taken out.
Property sales rocket in September, up for 13th consecutive month with eight in 10 being second-hand homes
10/11/2015
HOME sales in Spain are on the up again with the number of properties changing hands in September soaring beyond all expectations.
A total of 30,711 homes were bought the month before last – the most recent for which figures are available at present – representing a rise of 13.8% on September 2014 and the 13th month of purchases going up in number.
Good news for existing homeowners looking to sell up, perhaps to buy somewhere different, downsize or increase their living space – eight in 10 properties sold were 'used' or 'second-hand' rather than new builds.
Until recently, new builds were less likely to suffer for the housing crash given that Spain turned into a 'buyer's market', but now already-lived in houses and apartments are starting to change hands, it is a sign that things are moving again on the home front.
The total number of so-called 'second-hand' or 'used' properties sold came to around 24,600, with a year-on-year rise of a whopping 36%.
New homes saw a drop in sales of 31.3%, down to just 6,111 transactions, but they are likely to pick up again once a dent is made in the huge number of homes swamping the market.
In fact, in some parts of Spain, new property development is even starting up again – something that has practically never been seen since the end of 2007 sales and prices began to plummet.
September is turning out to be the best month for property sales, possibly due to visitors to coastal and country areas and especially those from abroad falling in love with the area they spent their holidays in and deciding to take the plunge and invest in bricks and mortar.
It is also very likely, too, that holidaymakers have been shocked at how far their money goes on the Spanish housing market and have realised a second home as in the sun is far from a luxury only open to the élite and very wealthy, but within reach of anyone who can get a mortgage for around €40,000 or €50,000 in addition to the costs of running their main residence.
Only 4.5% of homes sold in September were State-subsidised first-time buyer or low-income properties, meaning those hoping to shift their existing Spanish houses are likely to find they are snapped up much more quickly than in previous months or years.
The only regions which saw a downturn in sales were the among ones not traditionally associated with tourism – Extremadura, in the land-locked west saw home sales plummet by 49.2% in September, and the famous wine region of La Rioja, by 36.1%.
Centre-northern Castilla y León, plus Navarra – close to the Pyrénées – and Asturias on the far north coast experienced drops in sales of 10.3%, 7.6% and 3.5% respectively.
Despite this, properties in these regions are among the cheapest, and are a great option for holiday homes off the tourist trail but still with access to all amenities.
Extremadura enjoys the same type of weather as southern Andalucía, and plenty of properties have swimming pools to make up for the lack of a beach, whilst Castilla y León, La Rioja, Navarra and Asturias – the latter being the seat of Royalty – have a much milder climate meaning the sweltering summers are far more bearable than they are on the Mediterranean, south coast and islands.
Plus, these regions are home to some of Spain's most beautiful, green and dramatic countryside, and are steeped in tradition, unique cuisine and fiestas.
Although sales are up, prices remain very low, meaning now is a good time to strike – especially for buyers seeking a long-term investment or potential future pension fund that they can get far more enjoyment out of than with a savings plan via a bank.
Related Topics
HOME sales in Spain are on the up again with the number of properties changing hands in September soaring beyond all expectations.
A total of 30,711 homes were bought the month before last – the most recent for which figures are available at present – representing a rise of 13.8% on September 2014 and the 13th month of purchases going up in number.
Good news for existing homeowners looking to sell up, perhaps to buy somewhere different, downsize or increase their living space – eight in 10 properties sold were 'used' or 'second-hand' rather than new builds.
Until recently, new builds were less likely to suffer for the housing crash given that Spain turned into a 'buyer's market', but now already-lived in houses and apartments are starting to change hands, it is a sign that things are moving again on the home front.
The total number of so-called 'second-hand' or 'used' properties sold came to around 24,600, with a year-on-year rise of a whopping 36%.
New homes saw a drop in sales of 31.3%, down to just 6,111 transactions, but they are likely to pick up again once a dent is made in the huge number of homes swamping the market.
In fact, in some parts of Spain, new property development is even starting up again – something that has practically never been seen since the end of 2007 sales and prices began to plummet.
September is turning out to be the best month for property sales, possibly due to visitors to coastal and country areas and especially those from abroad falling in love with the area they spent their holidays in and deciding to take the plunge and invest in bricks and mortar.
It is also very likely, too, that holidaymakers have been shocked at how far their money goes on the Spanish housing market and have realised a second home as in the sun is far from a luxury only open to the élite and very wealthy, but within reach of anyone who can get a mortgage for around €40,000 or €50,000 in addition to the costs of running their main residence.
Only 4.5% of homes sold in September were State-subsidised first-time buyer or low-income properties, meaning those hoping to shift their existing Spanish houses are likely to find they are snapped up much more quickly than in previous months or years.
The only regions which saw a downturn in sales were the among ones not traditionally associated with tourism – Extremadura, in the land-locked west saw home sales plummet by 49.2% in September, and the famous wine region of La Rioja, by 36.1%.
Centre-northern Castilla y León, plus Navarra – close to the Pyrénées – and Asturias on the far north coast experienced drops in sales of 10.3%, 7.6% and 3.5% respectively.
Despite this, properties in these regions are among the cheapest, and are a great option for holiday homes off the tourist trail but still with access to all amenities.
Extremadura enjoys the same type of weather as southern Andalucía, and plenty of properties have swimming pools to make up for the lack of a beach, whilst Castilla y León, La Rioja, Navarra and Asturias – the latter being the seat of Royalty – have a much milder climate meaning the sweltering summers are far more bearable than they are on the Mediterranean, south coast and islands.
Plus, these regions are home to some of Spain's most beautiful, green and dramatic countryside, and are steeped in tradition, unique cuisine and fiestas.
Although sales are up, prices remain very low, meaning now is a good time to strike – especially for buyers seeking a long-term investment or potential future pension fund that they can get far more enjoyment out of than with a savings plan via a bank.
Related Topics
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