Share

Spanish house advance after in three years

Madrid - Spanish house sales rose 2.2% in 2014 from a year earlier, the first annual increase since 2010, official data showed on Tuesday, the latest sign the battered real estate sector could be turning a corner.

Around 319 389 homes were sold last year, the National Statistics Institute said, less than half the 775 300 sold at the height of the housing boom in 2007, a year before the bubble burst sending Spain's economy into a six-year slump.

House values continue to fall but last month they fell by just 2.7% nationwide from a year earlier, the smallest decline since 2008, separate data from real estate surveyor company Tinsa showed.

"The figures confirm a stabilising trend for the housing sector seen since the second quarter of 2013," Tinsa said.

House prices have fallen by more than 40% across Spain since the height in 2007.

Spain's economy returned to growth in 2013 after the prolonged downturn, lifted by strong exports and expanding domestic demand, and is expected to grow by more than 2.5% this year.

However, the housing sector remains depressed as banks, struggling to rebuild capital, are just returning to the mortgage market after a glut of cash from the European Central Bank and record low interest rates helps jump start the market.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
19.00
-0.5%
Rand - Pound
23.95
-0.2%
Rand - Euro
20.50
-0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.5%
Platinum
895.30
-0.2%
Palladium
991.47
-1.0%
Gold
2,194.13
-0.0%
Silver
24.44
-0.8%
Brent Crude
86.09
-0.2%
Top 40
67,910
+0.3%
All Share
74,134
+0.3%
Resource 10
56,271
+1.1%
Industrial 25
103,558
+0.3%
Financial 15
16,498
-0.2%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders