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News and Views

Property Transactions November 2018

nov 2018 housing sales Spain

Transfers up 9.4% Sales up 2.8%

The Spanish Statistics Institute has released figures for November 2018 Housing Sales. Nationwide, the Land Registries have been more active than the same time last year. Up by 9.4% on figures for November 2017. Of this number, sales have increased by 2.8%.

Winners and Losers

The highest number of transfers of ownership / title, (measured per 1,000 inhabitants), were in Rioja (723), Castilla y León (718) and Valencia (610). Whilst the highest variations in rates occurred in Madrid (21.7%), Cantabria (19.6%) and La Rioja (19.4%). Conversely, Aragón (-11.7%), Illes Balears (-6.0%) and Extremadura (-4.4%) registered the lowest annual rates. With respect to registered housing sales, the Autonomous Communities with the highest number of transfers per 100,000 inhabitants were Valencia (168), Rioja (144) and Cantabria (128). The Balearics (-7.2%),
Andalucia (-5.9) and Extramadura, (-5%) all performed lower in November 2018 compared to the same month in 2017.

Andalucia November 2018 29,318 properties transferred
Andalucia November 2018 29,318 properties transferred

Stats for Andalucia – Gifts and Inheritances

Overall transfers were up 10.6 % in Andalucia compared to November 2017, but as this includes all transfers including gifts and inheritances as well as life interests and such, the increase is to be expected.

Andalucia November 2018 4,323 rustic properties acquired
Andalucia November 2018 4,323 rustic properties acquired

Changes in Inheritance Tax exemptions introduced in January 2018 created a sea change where beneficiaries could afford to accept their inheritance.
Statutory Succession Laws apply in Spain for Spanish nationals – both intestate estates and for those who leave a Will. Spanish law assesses the estate of the individual who will receive the post humous gift. Unlike in the UK, for example, where it is the state of the deceased that is assessed.
Andalucia has increased its exempt threshold for beneficiaries closely related – for example children. In such cases, the first million euros of personal assets are exempt now when assessing tax liability for the inherited asset. This, unsurprisingly, has led to many more individuals taking on their bequests.

Andalucia November 2018 24,995 urban properties acquired
Andalucia November 2018 24,995 urban properties acquired

Andalucian Property Sold November 2018

The figures for sales in Andalucia are down 5.9% on November of last year. Some of the absolute bargains have been mopped up – although there are still more out there. The most likely reasons for the fall in sales are Global rather than National. Uncertainty with the tariff import wars between the US and China and, of course, the UK leaving the European Union (Brexit). However, in general terms, the outlook is positive. The month of November 2018 saw 13,202 sales of land and urban property and 1,774 in rural areas of Andalucia. The total number of dwellings sold was 7,950, of which 1,516 were new builds.

This property in Jimena village comes complete with furniture and is a real bargain. This rural country home is also a fantastic opportunity.

Andalucia November 2018 15,322 dwellings acquired
Andalucia November 2018 15,322 dwellings acquired