According to the latest figures released by the National Institute of Statistics, the number of Spanish residential property transactions registered in March grew an impressive 28% reaching its highest level of activity in over six years.
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Marking a return to levels last seen on a regular basis in 2008, March of this year saw a total of 40,461 homes change hands, the highest reported monthly record since February 2011. All but one of Spain’s 17 regions saw year-on-year increases with the northern regions of Aragón, Asturias, Cantabria and La Rioja witnessing rises of 40%. The only exception was the Canary Islands registering a small 3.5% fall in property sales.
Registered home sales during the month reached 110 transactions per 100,000 residents of home buying age, a surge that was driven by growth in both re-sale properties which were up 28% and new home sales which saw an increase of 19%, the largest since August 2010.
Further evidence of a sustainable and steady recovery of the Spanish property market can be seen cumulative home sales registered in the first quarter of this year which totalled 114,528, an increase of 15% on 2016, whilst the running 12 monthly total has increased 15.1% to 419,000 transactions.