According to the General Council of Notaries, prices rose another 4.1% in June to 1,597 euros per square meter
The first signs of a slowdown in the Spanish real estate market, albeit not in terms of prices, which, according to data from the General Council of Notaries, rose another 4.1% in July to 1,597 euros per square meter. An increase mainly driven by single-family homes. However, the number of buying and selling transactions slowed compared to the intense annual growth rate it had maintained in recent months.
Compared to double-digit gains of more than 15% in March and April, home sales slowed as early as May, rising 7.3% year-on-year. And the most recent data for June shows how growth slowed even more, to 3.5%, year on year.
In addition, the data reflects how six autonomies are already registering notable declines in the indicator. The most pronounced case is that of Navarre, with a decline in activity of almost 29%, followed by Asturias (-7.6%), Castilla y León (-5.%), Madrid (-2.9%), Cantabria (-1.8%) and Catalonia (-0.1%).
Despite the slowdown in the growth rate, the market continues to rise with a total of 69,163 units sold in June. Of this total figure, flats increased 5.4% to 52,731 units, while single-family occupancy fell 2.2% to 16,432 units.
The data from the notaries also shows that in the period analysed, mortgages for buying a home decreased by 2.9% compared to June 2021 to a total of 34,414 transactions. This is the first fall since February 2021.
The average amount of new loans was approximately EUR 151,337, 1.4% more. A figure that, according to notaries, indicates that with this type of purchase with financing, the amount of the loan represented on average 73.6% of the price.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
