Valencia property market has recovered, and the rate at which real estate is selling indicates that such high demand will result in price increases. Valencia ranks first among Autonomous Communities in terms of sales per capita.
The Spanish real estate market has recovered from the recent crises. According to the most recent INE (National Statistics Institute) figures, the property market has recovered not only from the health crises, but also from the 2007 bubble burst. July sales were the highest in the last 13 years, surpassing even April 2008 sales figures.
What is particularly intriguing about the data is that Comunidad Valenciana appears prominently – with over 7.000 sales, Valencia has the highest number of sales per capita in all of Spain.
According to INE data, 50,258 property transactions were completed in July, representing a 1.6 percent monthly increase and a whopping 53.5 percent year on year increase.
With over 40.000 sales, the second-hand market gained traction and accounted for 81 percent of total sales. New construction transactions, on the other hand, have slowed (9,510 sales, compared to more than 10,000 per month at the start of the year).
According to the report, 92 percent of the homes sold in July were free, with the remaining 8 percent belonging to the protected regime.
According to Francisco Iareta, spokesperson for Idealista, “the economic recovery after the toughest months of the pandemic and the success of the vaccination processes are increasing Spaniards’ appetite for buying homes.” More than 500,000 homes were sold in the previous 12 months, a figure comparable to the pre-pandemic market. The data available to Idealista warns that the rate at which the available housing stock is being consumed is unsustainable, which may result in an increase in demand pressure in the short and medium term, as well as new price tensions”.
The Institute of Notaries’ data, as well as the Real Estate Activity Index compiled by registrars, show a strong rebound in sales, too.
Cantabria (79.1 percent ), Madrid (78.9 percent ), and Galicia (66.5 percent ) had the highest annual increases in the number of home sales in July, followed by Castilla-La Mancha (62.6 percent ), Andalusia (60.8 percent ), and the Canary Islands (60.2 percent ). La Rioja, Castilla y León, and the Valencian Community all rank higher than the national average.
The Basque Country is the only region where sales have decreased compared to July 2020, with a 6.5 percent decrease, while Extremadura (13.3 percent ) and Aragon (28.6 percent ) have experienced the lowest increases in the country.
In terms of absolute volume of operations, Andalusia (10,598), Catalonia (7,815), Madrid (7,278), and the Valencian Community (7,276) are at the top of the national ranking. Castilla-La Mancha (2,402) and Castilla y León (2,221) are further away.
According to the INE, the communities with the highest number of transactions per 100,000 inhabitants are Comunidad Valenciana (180), La Rioja (176), and Andalusia (158).
Source: Idealista.com
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