As expected, property transactions in 2017 by far outstripped 450,000 operations, according to data from the Spanish National Institute of Statistics (Instituto Nacional de Estadística or INE). There was a 14.6% interannual rise in property buying and selling, the largest increase in the historical series that started in 2007, and there is a chain of rises after several lows. What’s more, there have not been as many houses sold since 2008, when more than half a million operations were closed.
At the end of 2017, the levels of property transactions were the best they have been since the historic lows of 2013. In four years, they have gone from barely surpassing 300,000 transactions to going way beyond 450,000 sales last year, an increase of 48.5%, according to the INE.
The 32,211 transactions registered in December in the different Spanish Land Registries (Colegios de Registradores de la Propiedad) brought the year-end total to 464,423 sales in 2017, 14.6% more than in 2016. This increase is the biggest in the historical series since the INE started keeping statistics in 2007.
Fernando Encinar, Head of Research at idealista, explains that “the statistics for this year have surpassed all expectations, going back to the level of operations we had in 2009. The sector has managed to overcome the rough patch of the crisis in Catalonia, where transactions went from growing 20% in June to 13% at the end of the year. The fact that new constructions are growing again is an unequivocal sign of the good health that the sector is enjoying, although the numbers are still fairly modest in areas with higher demand.”
By property type, the sales of second-hand homes throughout 2017 was more than 380,000 transactions, 82.1% of the total. The final numbers indicate there are 15.4% more transactions than in 2016, which makes five consecutive years of growth, although it also shows a certain moderation as it is the smallest increase since 2013.
In terms of new properties, the data shows a break in a bad run of six years and growth of 10.8% in 2017 compared with the year before, with 83,260 sales of new constructions. This makes up 17.9% of the total operations last year, a far cry from the more than 325,000 new houses sold in 2007.