The sale of homes falls by 38% in Catalonia during the second quarter in comparison with 2010
Within the whole Spanish state, property transactions collapse by nearly 41%, while the average value of each house increases every month
Madrid (ACN) .- The sale of homes in Catalonia fell by 38.07% during the second quarter of the year compared to the same period of 2010, as reported Thursday by the Ministry of Public Works. In total 12,425 homes were purchased. In terms of the entire Spanish state, property transactions have also declined by 40.75% this year. By region, the area of Lleida, in the north-west of Catalonia, has suffered the most pronounced drop, with 50.57% less, while Barcelona nears the Catalan average (-40.45%). Declines are less severe in Tarragona (- 31.66%), in the south, and Girona (-27.21%), in the north-east. Despite this the sales of homes increased by 39.24% in the second quarter of the year in Catalonia in comparison with the first three months of 2011.
Although these figures have come as a shock to the real estate sector, the fall in housing transactions this year is explained in part by the fact most transactions were carried out before July 2010 as buyers tried to avoid paying a higher price due to the VAT increase coming into effect on that date. Despite the drop in the number of homes sold, the average value of each house increases quarter after quarter. Thus, the price of a home in Catalonia has reached on average 193,955 euros in the second quarter of 2011, compared to 147,780 euros a year ago and 189,189 euros during the first three months of the year.