Who’s winning the post-Brexit sales race
Third quarter data from the Registrars shows Almeria is the rising star in a strengthening Spanish housing market.
Reading Spanish property statistics is as much art as science, and the story can quickly change depending on your source. Last week the Notaries generated a stream of headlines from their September housing data which showed a 10% annual rise in sales.
This should have been helpful, but they neglected to tell us anything about where these sales happened.
Luckily, Registradores de España came to the rescue (if you know where to look). Their less championed monthly statistics on the “Transfer of Property Rights” includes house purchases by province, and these provide a much fuller picture of local market trends.
They also tell us about the all important first quarter since the Brexit vote.
Q3 house sales rose 11%
The picture is undeniably healthy. The registrars reported 34,931 transactions in September, and a total of 103,516 in the period July – September 2016 (Q3), a rise of 11.2% versus 2015.
In case you thought it was a blip, this also marks 10 consecutive quarters of annual growth. 2016 has been the best year to sell houses in Spain for a very long time.
Almeria’s explosive growth
Studying Q3 housing transactions by province reveals mixed success in the battle for summer sales, but perhaps the most remarkable winner is Almeria.
Around a quarter of sales here go to foreign buyers, and the province recorded a 93% increase in sales in Q3 (rising from 1,810 sales in Q3 2015 to 3,497 this year).
In short, the market effectively doubled in size. With the rest of Spain growing modestly, Almeria stands out as enjoying a significant boom.