The housing market appears to be entering a new phase after several years of depression. According to the latest statistics from the General Council of Notaries, based on actual transactions, the number of home sales in February rose by 39.8%, to 26602 transactions, compared to the same month of 2013. Prices also increased, by 0.6%.

The housing market appears to be entering a new phase after several years of depression. According to the latest statistics from the General Council of Notaries, based on actual transactions, the number of home sales in February rose by 39.8%, to 26602 transactions, compared to the same month of 2013. Prices also increased, by 0.6%.

According to the notaries, “in line with the growth in purchases”, the contracting of external financing is also increasing. The number of mortgage loans for home purchase has climbed by 35.9%. Mortgage values, on the other hand, have reduced their average amount by 6.8%, to stand at 104,157 euros.

Home

The notaries also stated that the percentage of the home purchases financed by a mortgage stood at 34%, and that with this type of purchase, the amount of the loan assumed an average of 75.6% of the price of the home, slightly more than in recent months.

According to the INE, Spain’s GDP rose at a rate 1.5% in the first months of 2016—the seventh quarterly increase in a row. Consumer confidence is following suit and unemployment, though still high, is decreasing. This has lead the Bank of Spain to revise its 2016 growth rate forecast upward to 2.8%—a figure that would make Spain one of Europe’s best performing economies.

 

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