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article_detail
Date Published: 12/06/2020
ARCHIVED - Two different reports highlight a significant drop in Spanish property sales during the Covid crisis
The notaries report a drop in sales of over 70% during April when Spain was locked down
Two different sets of data relating to the Spanish property market were published this week, one set from the Association of Spanish Notaries which produces data based on sales witnessed by them during the month, and a second set from the Institute of National Statistics (INE) who produce their figures based on sales inscribed in the Land Register by the Association of Spanish Land Registrars.
Figures from the notaries tell us how many transactions were actually completed during the month, but they can´t be relied upon to give accurate trends as they are revised for months afterwards.
The second set come the Institute of National Statistics (INE) which give more detail about the sales and record their location, as well as how the property was sold, ie does it have a mortgage on it etc but are also unreliable as due to the process of recording a sale taking a period of months, do not always relate exactly to the month in which the figures are finally reported. So the property figures reported this April for example, may relate to transactions concluded 3-4 months ago.
For this reason it’s wiser to look at series of data to see a real trend rather than focusing on a specific month.
This month in particular the closure of land registry offices has resulted in transations being recorded electronically, so the figures will obviously be lower than is the actual case due to an administrative backlog. However, the Covid lockdown will logically have affected presencial sales as most agents have been unable to work for much of the lockdown.
National Statistics Institute figures for April: The purchase and sale of homes in Spain fell by 39.2% in April
The National Statistics Institute (INE) has published its monthly property sales figures for April, which showed a fall of 39,2% when compared to the same month in 2019, with 25.042 operations, the lowest figure for April since 2014 and the lowest month on record since August 2014.
The figures relate to a full month with the country in lockdown, so it is hardly surprising that they should be lower than normal, although there were obviously transactions concluded which had been underway before the lockdown began in mid- March. The March figures fell by 18.6% so the full effect of the crisis can be seen more fully in this April data.
The INE has pointed out that offices of the Registro de la Propiedad were closed so all transactions and transfers were notified only by email during this period, so this month statistics have been produced via the Colegio de Registradores de la Propiedad y Mercantiles de España (CORPME), with 94% accuracy.
During April the bulk of property transactions related to second hand properties, although the fall of 38.8%, to 20,603 transactions accounted for the majority of the reduction in volume of property transactions. The number of transactions relating to new properties was 4,439, a fall of 41.3%.
Home purchases registered a record drop of 71.3% in April, according to the notaries
The second set of data reported this week come from the Association of Spanish Notaries.
They report that the purchase and sale of homes in Spain registered a drop of 71.3% in April when compared to the same month last year.
The 14,459 transactions represents the largest decrease ever registered since this method of reporting began in 2008.
The future of the property market will be obviously of more interest to most of us, as the data produced at the moment will be virtually useless to those attempting to define trends as the figures are so distorted by this crisis.
It is interesting to note significant commentary in the Spanish language media that the crisis has changed the type of properties being sought by Spanish families who are now looking to buy properties with small gardens or outdoor space rather than the in-town flats, and searches on out-of town locations have increased.
It’s also interesting to see the volume of posts on social media from expats intending to move to Spain in the remaining months of 2020 and trying to find a way of securing residency before the UK finally departs from the EU.Once flights resume this could bring a welcome boost to agents who have lost sales through the lockdown period.
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