Spain’s Housing Market Sees Sales ​and‍ Mortgage Growth

MADRID (AP) — Spain’s ​housing market ‍demonstrated‍ robust growth ⁤in February, with both sales and mortgage activity increasing significantly year-over-year, according to data released by the Statistical‌ Information Center of ‍the Notaries.

Sales Surge Across most ‌Regions

Nationwide, home sales⁣ jumped 10.5% in February, reaching 60,154 units. The average price per square meter rose to‍ 1,843 euros, a 9.4% increase ‌compared to the previous year, the center reported.

Apartment sales increased 8%, totaling 45,963 ‍units, while sales of single-family homes saw a larger increase ⁣of 19.7%,reaching 14,191 units.

Apartment prices climbed ​12.2% to 2,094 euros per square meter. Single-family home prices averaged‌ 1,388 euros, a 5.9% increase.

regional Variances ‌in Sales⁣ Activity

The majority of⁣ Spain’s autonomous communities experienced⁢ growth in home sales. Only the Canary ‌Islands saw a⁢ decrease, with sales falling by ‍2.6%. ‌The ​communities with sales increases exceeding the ⁣national average were:

• Basque Country (30.3%)
• Asturias (27.7%)
• Extremadura ‌(25.0%)
• Galicia (21.9%)
• Castilla⁣ y León (20.9%)
• Castilla-La ​mancha ‌(19%)
• La Rioja (18.0%)
• Andalusia (11.4%)
• Madrid (10.6%)

Increases ⁣below the national average were⁣ recorded in Catalonia (9.3%), Cantabria (8.3%), Aragon (7.4%),Murcia (6.9%), Navarra (5.5%), Balearic Islands (5.1%), and Valencian ⁣Community (1.2%).

Price Hikes‌ Widespread

All autonomous communities ⁤saw an increase in housing prices.Double-digit increases were observed in:

• Madrid⁢ (19.2%)
• La Rioja (18.5%)
• Murcia (16.9%)
• Castilla-la Mancha (15.7%)
• Extremadura‍ (14.6%)
• Cantabria (13.7%)
• Canary Islands (12.6%)
• Aragon ‌(11.1%)

Smaller increases occurred in ⁤the Valencian ⁤Community ​(9.4%),⁤ Catalonia (9.3%), asturias (8.5%), Basque⁣ Country (7.7%), Balearic Islands (7.7%), Galicia (7.0%), Castilla ⁣y⁣ León (4.7%), andalusia (4.1%), and ⁣Navarra (2.3%).

Mortgage Loans on‌ the Rise

mortgage loans for home purchases increased‍ by 24.2% nationwide in February,⁢ totaling 29,953 ⁣transactions. The average loan amount increased by 9.8% ⁣to 163,164 euros.

Approximately ⁣49.8% of home purchases were financed with a mortgage loan.⁢ The average ​loan amount represented​ 72.4% of the purchase price.

Regional Mortgage Activity

Sixteen autonomous ⁢communities saw ⁤an​ increase in mortgage loans for⁢ home‍ acquisition. Navarra was the only community to ​experience ‍a ‍decrease (-0.6%). Communities with increases above ⁣the national average included:

• Extremadura (47.9%)
• Asturias (45.9%)
• La Rioja (39.0%)
• Cantabria (36.5%)
• Castilla‍ y León (35.0%)
• Murcia (34.8%)
• Canary Islands (34.1%)
• Castilla-La Mancha (28.9%)
• Catalonia (28.9%)
• Galicia‌ (25.7%)

Increases below the national average were seen in⁤ Aragon (23.4%), ⁤Valencian Community (23.3%), Basque Country (22.3%), Andalusia (20.5%), Madrid (17.1%), and balearic ‌Islands (1.2%).