Property sales in Spain increased 9.9% in February, data shows

All signs were positive in February, with mortgages, sales and prices strengthening.

Notary data published last week has shown that the number of homes sold in Spain during February this year was 9.9% higher than in the same month in 2016.

The notary report states that 38,176 properties were sold in the shortest month, offering further evidence of Spain’s strengthening property market. This increase also means that home sales have risen every month for the past eight straight months, and for 20 out of the past 21 months…

The average price per square metre recorded in February was €1,305, which the notaries say represents a 2.5% increase on 2016. Again, this increase marks the continuation of a wider trend of price rises across Spain, albeit with regional variations.

Mortgage activity was also brisk in February, with a total of 16,337 new approvals marking a 2.5% annual increase on last year. The average loan capital granted in February was €125,445 – just a small 0.6% increase on 2016, the data shows.

That mortgage figure represented 77.4% of the purchase price for the average home bought in Spain in February, revealing that the mortgage landscape in the country is once again stable. Over the course of the month, 42.8% of homes bought were financed with a mortgage.

Finally, the data showed that 92% of property transactions in February were resales, with new builds accounting for only 8% of the volume.