The sales of second-hand houses have increased in Spain
Second-hand houses in Spain: In 29 provinces the sale has doubled from minimum figures
The latest house sales data in 2017 published by the INE confirms that transactions have recovered 48.6% from the national minimums reached in 2013. In a market dominated by the sale of second-hand homes, 29 provinces have doubled the sales. On the other hand, there is still less new buildings being sold than four years ago: it has fallen by an average of 42.1%. Recently published statistics of housing transactions in 2017 by the National Institute of Statistics, affirm that the residential market hasn’t registered such good data since 2008, when it closed with almost half a million sold homes. In addition, the annual increase of 14.6% is the highest recorded since the INE started taking data.
Balearic Islands, Barcelona and Vizcaya, the provinces that best picked up the pace after the crisis
The sale of homes has recovered from the lows reached in 2013, when 312,593 transactions were made in Spain. The national average offers an improvement of 48.6% during 2017 compared to the data from four years ago. The provinces of the Balearic Islands (103.3%), Barcelona (84.3%), Vizcaya (70.6%) and Valencia (70.5%) are where the increase in operations has been better compared to the historical lows. Other provinces with greater real estate weight, such as Madrid (69.7%), Guipúzcoa (60.8%) and Malaga (53.9%), have also exceeded the national average in terms of the increase in home sales. There are still provinces that are still not out of the crisis and continue to record worse data than the 2013, the minimum of the historical series at the national level. Soria (-33.4%), Lugo (-17.2%), Ávila (-4.8%) and Ciudad Real (-2%) still sell fewer houses than in 2013. La Rioja (0.1%), Cáceres (0.7%) and Cuenca (1%) almost have the same housing transactions as four years ago.
2017 vs. 2013: The sale of second-hand homes has doubled
29 provinces have more than doubled their transactions since the 2013 lows. Outside the ‘strong’ regions, provinces such as Guadalajara, Balearic Islands, Granada, Huelva or Almeria are leading this percentage improvement, and during 2017, they sold up to three times as many second-hand houses than in 2013. Madrid (141.8%), Valencia (139%), Vizcaya (132.1%) and Barcelona (123%) also improved their statistics on second-hand houses. On the contrary, the market barely moved in Soria (0.5%).
Despite the recovery, fewer new homes are sold now, compared to 2013
Fewer new homes were sold in 2017 (83,260) than in 2013 (143,771). The construction break was one of the clearest consequences of the bursting of the housing bubble and the economic crisis that devastated the sector. In the worst overall year for real estate, 143,771 new homes were sold, far from the 326,382 sold during the 2007 peak. In ten years, the sale of new constructions has fallen 74.5%. Madrid (15,984), Barcelona (6,698), Alicante (5,871) and Málaga (5,420) being the provinces, where more new homes were sold in 2017, by far. None of the Spanish provinces have recovered in the sales of new homes, but some have already been cut: Guipúzcoa (-9.2%), Zaragoza (-14.3%), Segovia (-15.2%), Madrid, Barcelona and Valladolid (the three with -15.7%), are the ones that have better recovered in the last four years. On the other hand, Zamora (-86.2%), Cuenca and Cáceres (both with -84.4%), and Castellón (-71.7%) are the regions where the activity of new construction continues below minimum levels.