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Spanish house sales climb 8.8 percent

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Spanish house sales climb 8.8 percent
The new figures suggest it is too early to trumpet a recovery for Spain's struggling housing market. Photo of villas in Spain: Shutterstock
13:11 CEST+02:00
Total property sales in Spain rose for the fourth straight month in a row in June with the secondhand home sector driving the increase, new official figures show.

Property sales in June were up 8.8 percent on a year earlier, the figures from Spain's national statistics institute, the INE, show.

June was also the fourth month in a row of rises, after a ten-month slump in housing sales.

But the INE figures reveal it is too early to trumpet a recovery.

SEE ALSO: In pictures: The Local's Propery of the Week

Total property sales for the period January to June 2014 were still down 5.2 percent on the same period in 2013.  

A total of 171,596 properties were sold in the first six months of last year, while 162,591 went under the hammer from January to June 2014. 

June 2014 figures were also down 7.4 percent on May 2014 numbers.

The INE figures also show the unbalanced nature of the property market.

Secondhand homes — where prices are still in free-fall — were the drivers of the year-on-year growth, with sales rising 17.4 percent from June 2013 to the same month a year later. For new homes, however, there was actually a 3 percent slip in the same period. 

In terms of the regional powerhouses, overall property sales soared 30 percent in Madrid, 25.7 percent in Extremadura and 19.3 percent in Navarre.

The biggest loser was Castille–La Mancha where house sales plummeted 21.6 percent.

READ ALSO: Foreigners snap up cheap Spanish housing

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