Spain records convincing recovery in real estate market

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real estate market

MADRID – In Juneactivity in the real estate market in Spain increased by more than 73% compared to June 2020. A total of 48,201 transactions were closed in June and the housing market grew for the fourth month in a row. 

This is evident from the most recent data from the INE statistics office. Last March, real estate transactions already increased by 32.4%, in April by 65.9% and in May even by 107.6% compared to the same months of last year. 

New-build homes in demand 

In June, the real estate market grew mainly thanks to the sale of new-build homes, which rose by 71% (9,363 homes sold). The sale of existing apartments increased by 74.1% (38,838 homes sold). 91.7% of sales took place on the private housing market (viviendas libres), the remaining 8.3% related to government-subsidised housing (viviendas protegidas). 

Compared to May this year, activity in the real estate market increased by 2.5% in June. Looking at the first half of 2021, the average growth was 31.4% compared to the first half of 2020. Sales of new-build homes increased by 44.4% in this period, while sales of existing homes increased by 28.4%. 

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Most houses sold in Andalucia 

Per 100 thousand inhabitants, most homes were sold in June in the regions of Valencia (163), Madrid (150), and Andalucia (148). In absolute numbers, the most transactions that month took place in Andalusia, namely 9,945. In Madrid there were 7,998 and in Catalonia 7,151. 

The largest increase compared to last year was in Madrid (+99.3%), followed by Aragón (+89%) and Andalucia (+88.4). In cont%rast, Cantabria, the Basque Country and Asturias saw the lowest growth with increases of 24.3%, 29.3%, and 38% respectively. 

In June, out-of-town sales also increased by 82.5% compared to the same month in 2020. Transfers of these mansions through donation increased by 66% and through inheritance by 80.5%. 

Of all homes sold in June, 84.9% were urban homes, the remaining 15.1% were rural homes. 

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