Residential property sales in Spain have recorded a rise of 8.6% in the 12 months to September with prices up 2.4% over the same period, according to the latest data from the Association of Spanish Notaries.
By property type, apartment sales went up by 7.7% and prices by 8.9% but new build sales fell by 1.9% while detached home sales saw an annual increase of 12%, the data shows.
The average square metre price of properties bought in Spain in September was €1,331, some 2.4% higher than the same month last year. The price of detached homes increased by 1.4%, while apartment prices increased by 3.8%.
Mortgage lending is also increasing in Spain and the data shows that in September the average loan was €163,330, some 4.6% higher than 12 months earlier while lending to buy a home went up by 8.2%.
‘The national indices don’t tell us anything about the direction of prices in local markets, but they do at least give us an idea of where we are in the property market cycle,’ said Mark Stucklin of Spanish Property Insight.
‘Whereas a few years ago they were all in negative territory, they are all now in positive territory and pointing up, showing that the years of price adjustment are behind us,’ he pointed out.