Despite a generalised annual slowdown of the Spanish property market, October yielded the most significant rise in property sales since May, new data shows.
The number of properties sold and registered before the notaries in October reached 50,176, representing a minimal rise of just 1% compared with the same month last year but the highest rise in the previous six months, according to the Spanish notaries.
A total of 48.4% of all residential property sales in October were financed by a mortgage – close to being the highest figure reached since 2011.
Meanwhile, quarterly (Q3) figures released by the government’s central statistic unit show a 4.9% rise in property prices, compared with Q3 of 2018. However, it is the least significant rise since Q4 2016.
The two regions registering the most significant appreciation in property prices in Q3 were the Balearics (4.5%) and Andalucia (2.1%).
The market is starting to show signs of slowing down and is starting to grow at a more sustainable rate than we have previously seen throughout the recovery.
Despite uncertainties surrounding Brexit, which will have had an impact on the Spanish housing market – as well as many other European housing markets- the level of sales activity in Spain is now 71.6% higher than when the market bottomed out in February 2014, so it is important to remember that the market has come a long way since the notorious property crash.