March 22, 2017 Eloi Ruart

House sales and prices up in January 2017

The housing market really did get off to a good start of the year, according to the latest data from the Association of Spanish Notaries. January was a month during which both sales and prices rose.

There were 33,670 homes sales witnessed by Spanish notaries in January, up 16.8% compared to the same month last year, though a more modest +12% when corrected for seasonality (chart above left).

House prices were up by 1.8% (chart above right) to an average of 1,355 €/m2, though that figure doesn’t really tell us much because house price data in Spain is so unreliable. I’ll include this in my end-of-month roundup of all house price data published in March (Spanish house price index tracker).

New mortgage loans were up 27% to 15,624.

A few days ago I reported figures from the National Institute of Statistics telling a similar story, with Spanish home sales inscribed in the Land Registry up 19% in January. But those figures are based on sales that took place a few months before, say between October and December, whilst the Notaries’ figures are based on sales witnessed in January, so their figures are more timely, and give us a more up-to-date pictured.

Which ever figures you look out the picture is one of a sustained recovery in Spanish home sales and mortgage lending, with house prices rising in hot markets like Barcelona, Madrid, and the Balearics.

By Mark Stücklin: