MADRID: The data made available continues to confirm that the Spanish property market is in a phase of consolidation after years of decline, with the latest figures published by the Ministry of Development showing that during the Turnover continues to grow in the Spanish property marketfirst quarter of 2015 the amount of money changing hands in property sales was 0.8% higher than in the same period last year at 10,540.6 million euros.
The bounce-back of 2014, when turnover rose for the first time in four years, was thus maintained in the early part of this year, with a total of 80,897 sales (4.6% more than in 2014) compensating for a slightly lower average price. It has become apparent during the last 18 months that most activity in the residential real estate market is in relation to second-hand homes, and this is confirmed once again by the Ministry’s statistics: only 14.1% of turnover was related to new-build transactions, the figure of 1,489 million euros reflecting another 15% drop in this sector, while the second-hand market grew by 4% to 9,051 million euros.
Unsurprisingly, the largest markets in terms of turnover were in Madrid (2,076 million euros), Catalunya (1,977 million), Andalucía (1,902 million and the Comunidad Valenciana (1,266 million). Turnover was between 219 and 513 million euros in the Basque Country, the Canaries, the Balearics, Castilla y León, Galicia, Castilla-La Mancha, Aragón and Murcia, while apart from Ceuta and Melilla the regions with least economic activity in the residential property market were Asturias, Cantabria, Navarra, Extremadura and La Rioja.
