Home Sales Showed Best October in 14 Years with 22.2% Growth

Home Sales Showed Best October in 14 Years with 22.2% Growth

Home sales in Spain grew by 22.2% in October 2021 compared to the same month last year (46,242 transactions) — the highest figure for this month since 2007.

This data was published by the National Institute of Statistics (INE). Taking into account the annual growth in October, home sales have shown positive dynamics for eight consecutive months: +32.4% and +65.9% in March and April respectively, +107.6% in May, +73.5% in June, +53.5% in July, +57.9% in August, and +40.6% in September.

The annual sales growth in October resulted from increased transactions in both new housing — by 21.6%, to 9,344 transactions — and resale housing — by 22.4%, to 36,898 transactions.

In October, 91.5% of properties transferred through sales were free housing (without restrictions) and 8.5% were social housing (government-subsidized).

Free housing sales grew by 22.3% year-on-year — to 42,325 transactions, while social housing grew by 21.3%, to 3,917 transactions.

In month-on-month comparison, housing sales decreased by 13.4% compared to September — the largest decline in at least five years.

For the first ten months of the year, home sales volume grew by 35.9%: +39.3% for new housing and +35.1% for resale housing.

Where is the market most active?

Autonomous communities with the highest number of transactions per 100,000 inhabitants: Valencian Community (175), La Rioja (163), and Cantabria (156).

Regions with the highest annual sales growth in October: Balearic Islands (+57.7%), Cantabria (+41.2%), La Rioja (+41.1%), Valencian Community (+32.7%), and Catalonia (+31.6%).

Below average were: Madrid (+21.6%), Andalusia (+21%), Murcia (+20.3%), Canary Islands (+18.8%), Castilla-La Mancha (+17.7%), Castile and León (+15.1%), Galicia (+15.6%), Aragon (+9.3%), and Extremadura (+7.8%). Navarre (+2.4%) showed the smallest increase.

The only autonomous communities with declining transaction numbers were the Basque Country (-6.1%) and Asturias (-0.9%).

Total number of registered properties grew by 5.9%

In October, the number of real estate properties registered in land registries based on previously executed public deeds reached 167,791 — 5.9% more than in the same month of 2020.

The number of properties transferred through sales grew by 16.8% year-on-year; meanwhile, those transferred by donation decreased by 3.2%, by inheritance by 2.9%, and those by exchange increased by 1.9%.

86.3% of sales transactions in October were for urban real estate and 13.7% for rural properties. Urban property sales grew by 19.4% year-on-year, while rural properties grew by 2.8% (12,497 transactions) compared to October 2020.