Property in Spain: registrars confirm the rise in prices and number of transactions
Dynamics of prices for residential real estate in Spain, recorded in the third quarter of this year, confirmed in 2014 outlined a change in the trend, experts say the College Registrars property. According to them, during the period from July to September, prices rose by 6.6% in annualized terms, and the highest rate of recent times.
In addition, the increased number of transactions and the sale of real estate in Spain - up to 92,786 (+ 6.4% compared with the second quarter of the year). During the year this figure rose by 16.6%. In the segments of the new and secondary housing market dynamics it turned out the opposite: in the first category, the number of transactions decreased by 2.5% compared with the previous quarter and reached another record low of 18,017 transactions, while in the second indices rose by 8,8% - up to 74,769 transactions.
With regard to the demand from foreign customers, its share increased again: the citizens of other countries have made 13.5% of total transactions, while three months earlier the figure was 12.8%. In total, they gained more than 12 000 objects of Spanish property. The bulk of customers have made the British (23%), followed by French (8.7%), Germans (6.4%), the Swedes (6.4%) and Belgians (5.5%). The share of Russians who took ninth place, had only 3.4% of transactions, which once again confirmed the trend towards a weakening of this group of customers.
The average size of mortgage debt in the third quarter increased by 2.09% compared with the previous period and amounted to 109,744 euros. Over the last year this figure increased by 4.6%. The average percentage lending rate for three months fell by 0.28% to 2.58%. 90.3% of all new mortgage loans were issued under a floating rate tied to the European Interbank Offered Rate (Euribor), while the number of loans with fixed interest reached a historic record figure of 7.7%. Repayment period thus declined slightly - from 23 to 22 years and 9 months.
Registrars also noted the stabilization in housing affordability: the average size of the quota on the mortgage decreased by 0.02% to 531.86 euros, while for borrowers, the figure is approximately 28.12% of the total monthly salary.
The number of objects seized for debts decreased by 32% compared to the second quarter and amounted to 11 445. 65.3% of such operations accounted for individuals and 34.7% - the share of legal. 92% of them were owners of Spanish nationality, and 8% - foreigners. Number of houses and apartments that were returned to the bank to collect a debt, decreased by 19.6% - up to 2 829 82.8% of such operations were committed with the participation of individuals and 17.2% - with the participation of law. 86.5% of the objects in the repayment of the loan returned to the Spaniards, and 13.5% - foreign.
