INE records highest number of property sales since 2008

Raymundo LarraĆ­n Nesbitt, September, 1. 2021

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By Raymundo Larraín Nesbitt
Lawyer - abogado
1st of September 2021

As Spain’s leading property portal IDEALISTA reports in its article of August 2021, property sales over the last six months are at levels unseen since 2008. Spain’s National Bureau of Statistics (INE) reports 267,700 properties sold during the first 6 months of this year. We need to look back 13 years, all the way back to Spain’s property boom heyday, to see such healthy sale figures.

You can see the graphics here: House sales in Spain in 2021 (first six months of 2021)

In June alone, over 48,000 properties were sold, which is an 73.5% interannual increase. This is hands down the best performing June in real estate history. This confirms the unabated trend that we are witnessing the best sale figures in over 13 years. The property market has been nothing short of spectacular from March of this year.

There are several underlying factors that help to explain this spectacular property rebound which we’ve been collating in several articles:

 

The main one - at least in the region of Andalusia - has been a drastic reduction in taxes on buying property; both offplan and resale which we also reported at the time:

 

On offplan property, this change translates into tax savings of 20% in Stamp Duty.

On resale property, the reduction follows a sliding scale depending on the sale price. Starting at a 12.5% reduction on lower-end property and rising to over 30% for high-end villas. Meaning, the higher the sale price, the more taxes a buyer stands to save! This factor, all by itself, greatly explains the surge in villas sales we have been reporting over the last six months.

The ongoing global pandemic, which has modified consumer behaviour making buyers seek villas with spacious gardens in prime locations, coupled with a drastic tax slash has fostered a property boom that has been going strong since March 2021.

At last, we have Spain’s INE's hard data which serves as official confirmation to back up what we had been reporting over the last six months anecdotally.

 

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