The end of the “depressive spiral”?

According to statistics from the Spanish General Council of Notaries, released on last Monday, housing sales in Spain increased by almost 40% in February 2014 in comparison with February 2013, while the purchase price rose by 0.6%. This is another increase in quick succession after the large rises of housing sales by 59.2% and purchase prices by 8.9% in January 2014.

The General Council of Notaries indicated that the reasons for the increase could be found in the normalization of the number of transactions after the ending of the deduction on home buying at the end of 2012.

Last February 26,602 transactions were settled, demonstrating the stabilization of monthly sales registered in the last months.

The increase in transactions is reflected in all sectors of the Spanish residential property market. The number of transactions of flats rose to 38.5% and of multi-family houses to 50.5% in comparison with last year. The average purchasing price in February was Euro 1,189 per square meter, representing an increase of 0.6% over the same month of 2013.

The notaries signalized their confidence that the slight recovery of the price and sales improvement may be anticipating a turnaround in the real estate sector or at least the end of the “depressive spiral”.

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