House sales soar 42% in the Balearic Islands
n the second month of the year, 1,416 homes changed hands in the archipelago.
In Spain, home sales and purchases increased by 24% compared to a year earlier and for the twelfth consecutive month, to 56,623 units, the highest figure for a month in almost 14 years (since April 2008).
Home sales in the Balearic Islands increased by 42% in February (1,416 homes), compared to the same month last year, according to INE data. In Spain, home sales and purchases registered in the property registries in February increased by 24% compared to a year earlier and for the twelfth consecutive month, up to 56,623 units, the highest figure in a month in almost 14 years (since April 2008).
According to the National Statistics Institute (INE), 1.8% more homes were registered in February than in January, which means 5.8 points less than between the second and the first month of the previous year.
In the cumulative January-February sales and purchases increased by 27.4% compared to the same period in 2021.
20.4% of the homes transferred by sale and purchase in February were new (10,921 units). This sector accumulated 16 months of upward growth, although with the lowest rate of increase since January of last year.
Of the homes sold in February, 79.6% were pre-owned (42,702 homes), a figure that had not been recorded since May 2007, almost 15 years ago.
The number of transactions on new homes rose by 9.2% compared to February 2021, and that of pre-owned homes, by 28.4%.
The autonomous communities with the highest year-on-year increases in the number of home sales and purchases in February were the Canary Islands (up 52.2%), La Rioja (46.3%) and the Balearic Islands (42.2%). On the other hand, the smallest increases were in Asturias (8% more) and Galicia (8.8%), with Navarra as the only region with a negative rate (4.6% less in February).
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Now is the time to strengthen strategic relationships within the sector. Come share with us on Thursday, May 25, 2023 from 7:00 p.m. to 9:30 p.m.