Torrevieja New Build Property for Sale

Torrevieja New Build Property for Sale

Home sales fell by 7.9% in July, the first decline of the year

The sale of housing fell 7.9% in July compared with the same month last year, the first decline so far this year, with a total of 39,841 transactions, according to the latest real estate and commercial data Statistical Information Center notarization. The reduction is 1.4% if the seasonal variation is corrected.

The steepest declines were in the sale of flats, with an annual fall of 10.2% (4.7% in the series corrected for seasonality) and free price floors, with a decrease of 10%, the decrease of 8.4% in sales of second-hand flats and falling sales of new free story by 22.6%. However, sales of single-family homes posted a slight growth of 0.9%.

The average price, 1,274 euros per square meter

As for the price, per square meter of the homes purchased in July she fell 3.6%, with an average of 1,274 euros, due to fall by 4.6% of the price per square meter of single-family homes and the decline 2.3% of the floors.

On the other hand, the square meter of apartments free price fell 1.7%, with an average price of 1,399 euros in the case of second-hand flats (-1.2%) and 1,844 in the case new floors (-0.6%).

The sale of other properties decreased by 6.1% in July, with 9,820 operations, of which 38.7% were land or solar. Its price per square meter stood at 192 euros on average, 7.5% more than the previous year.

Less mortgage loans

The data also reflect a contraction of mortgage lending in July, a total of 28,504 and a reduction of 11% yoy and 3.1% in the seasonally adjusted series. The average amount of these loans was 164,309, down 0.9%.

Mortgage loans to purchase a property fell 4.4% year a total of 19,407, due to the fall of 4.7% in lending for house purchases and 1.7% on loans for the acquisition of other properties. Their average amount was 138,945 euros, 2.6% less.

Meanwhile, loans for construction fell 7.6% in July to 546 loans, with an average amount of 369,766 euros, 17.6% less than in July 2015.

Mortgage loans to finance business activities experienced a decline of 25.9% to 248 operations, and the amount increased by 24.6% to 735,209 euros. The percentage of homes financed purchases thus stood at 44.8%.