Spanish real estate not just recovering but booming, data shows

By Reuters

<div> <p><span class="caps">MADRID</span> – Spanish house sales in April surpassed 2019 levels, official data showed on Tuesday, a sign the property market is not just recovering from last year’s slump but is hotter than before <span class="caps">COVID</span>-19 struck. </p> <p>Data from Spain’s College of Registrars, who underwrite real estate transactions, showed that April’s house sales were 3.1% higher than in 2019, and 91% higher than in the same period last year, a near-doubling of activity from Spain’s first full month under lockdown.</p> <p>The number of mortgages taken out on homes shot up by 31.5% over the year as buyers sought to change homes or refinance to make the most of unusually low interest rates. Compared with April 2019, residential mortgages were up 8.8%, the data showed.</p> <p>Spain has sought to reopen itself to both business and travel in recent weeks, emboldened by its accelerating vaccination campaign and ebbing coronavirus infections, with policies allowing pent-up investor demand to find an outlet.</p> <p>Overall real estate transactions – rather than just residential sales – grew 9.3% compared to April 2019, the registrar data showed.</p> <p>Intensifying economic activity and high demand for bigger, brighter and greener homes appears to have pushed prices up too, with property surveyors Tinsa reporting a 1.3% rise in house prices in May year-on-year.</p> <p>Spain’s islands and Mediterranean coast experienced the sharpest price rises, Tinsa said.</p> <p/> </div>