Home sales in Spain register their best semester since 2008

17 Aug | 6 min read

The 48.201 housing transactions registered in June confirm the best figure for this year, according to INE statistics, and drive sales to reach their best half since 2008, with more than 267.700 transactions between January and June. The housing market is boosted by the recovery of the economy and the impounded savings of families.

The housing market in Spain recovers the lost step with the economic crisis caused by the coronavirus pandemic at cruising speed after knowing the data of house sales from the National Institute of Statistics (INE), from the College of Registrars of the Property.

In June, 48.201 housing transactions were registered, which is 73.5% more year-on-year, just in the month in which the first state of alarm decreed by the Government to combat the coronavirus pandemic declined. It is the best month so far in 2021, and it is practically equal to May 2019 (48,351) and July 2019 (48,337), which confirms that sales are returning to the prepandemic period.

Home sale in Spain – Monthly data 2007-2021

The sale of homes has seen four consecutive months of increases after the increases of 32.4% and 65.9% registered in March and April, respectively, more than doubling the transactions in May.

The year-on-year rise in home sales in June was the consequence of the strong upturn in transactions for new homes, which increased by 71%, to 9,363 transactions, as well as the increase in the sale of used flats by 74.1% , until adding 38,838 transactions. 19.4% of the transmitted homes are new and 80.6% are used with the June data.

But the most outstanding data is what has been accumulated in the first six months of the year. Between January and June, 267,715 homes were sold, which is 31.4% more than a year ago, and represents the best absolute figure since the first half of 2008, when 313,248 operations were reached. The data for this first half of 2021 exceeds that of the first half of 2019 by 0.6%, when it reached 266,018 purchases.

Christian Boesen, Director of homes-abroad.com, “one more month the data officialises the recovery of the sale and purchase market and its return to pre-pandemic reality. In fact, the more than 48,000 homes sold in June represent a monthly ceiling only exceeded 4 times since 2008. Undoubtedly, this volume of operations is directly related to the optimism generated by the success of the vaccination processes, the imminent European aid, low interest rates and the increase in household savings in the last year. Even so, it is possible that the volume of operations is affected by the inclusion of sales paralyzed by the uncertainty that have been reactivated in the face of a climate of greater optimism, so we will have to wait for future data to confirm if the market is based on these figures record”.

New home sales record for the past seven years

The record of the best semester of the last 13 years is accompanied by other outstanding data on the sale of new homes. Since the first half of 2014 (67,429), such a high figure was not seen in the transactions of new construction. Between January and June of this year they have reached 55,777 operations, up 13.5% more than in the same period of 2019, pre-pandemic.

The data for February and March, exceeding 10,000 new transactions in both months, have increased the volume of operations due, among other reasons, to the inclusion of sales that were paralyzed during the worst months of the coronavirus crisis.

We look forward to the rest of 2021 and believe we will reach a new all-time high during 2022! The future looks bright for the Spanish real estate market.

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