New build sales in Spain inscribed in property register rise 12% in April 2008

July 12, 2008

The number of new build sales inscribed in the Spanish property register rose by 12% in April compared to a year ago, reversing a trend of 3 months of declines. Compared to March, the number of new build sales rose by 22%.

These figures, just released by Spain’s National Institute of Statistics (INE), are based on the number of sales recorded by Spain’s property register. Property deeds are inscribed in the register after sales have been notarised and taxes paid.

Taking into account resale properties, the overall Spanish property market shrank by 7% in April, down to 50,815 transactions from 54,838 the previous year. A fall of 20% in the number of resale properties dragged the market down despite the increase in recorded sales of newly built properties.

On a cumulative basis, property transactions inscribed in the register fell 25% in the first 4 months of the year, with newly built properties down 11.6%, and resale properties down 34.8%.

On the face of it, the April increase in the number of newly built property sales recorded in the property register suggests a surprise improvement in the market for newly built homes.

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