The real estate market has successfully left the pandemic-induced crisis in its rearview mirror. Property transactions are experiencing a remarkable resurgence, with June seeing a staggering 23% increase in sales compared to the same period in 2019. Surprisingly, the activity in the housing sector now surpasses its pre-pandemic levels, as highlighted by the Real Estate Registry Statistics of the Association of Registrars of Spain. During the sixth month of this year, a total of 94,330 property transactions occurred, a significant leap from the 76,664 recorded two years ago, when the country was still within a normal economic cycle.
When we compare these figures to those of the previous year, the surge is even more remarkable, boasting an impressive 83.6% increase. In June 2020, at the conclusion of the initial state of alarm and home confinement, the real estate market struggled with just 52,000 transactions, reflecting the early stages of the economic crisis.
Out of the total transactions, 45,439 were related to the purchase of private homes, marking an 18.8% increase compared to 2019 and an astonishing 76.7% growth when compared to 2020. Barcelona, in particular, has emerged as a significant player in this resurgence.
In addition to the economic recovery, experts at the Association of Registrars attribute this remarkable upswing to legislative changes that the real estate sector underwent just two years ago. The surge in home sales is accompanied by a significant uptick in the number of mortgages issued by Spanish banks to facilitate property purchases. In June alone, a total of 47,662 loans for property purchases were documented, according to data from the Association of Registrars.
The volume of mortgages granted represents a substantial 23.2% increase compared to the same period in 2019, perfectly aligning with the surge in property transactions. Moreover, when we consider the figures from 2020, during the height of the pandemic, the year-on-year change soars to an impressive 33.4%. Loans for purchasing private homes reached 35,532, marking a substantial 27.2% increase compared to 2019 when the figure was just over 28,000. The jump from 2020 is an astonishing 41%.
Barcelona stands out as one of the most attractive destinations for property transactions, becoming a beacon of opportunity for investors and homebuyers alike. The allure of this vibrant city is undeniable, and its real estate market is witnessing remarkable growth.
The real estate revival has reverberated across the entire nation, with Aragón experiencing the most significant growth, boasting an astounding 121.5% increase in transactions compared to 2020. Madrid closely follows, achieving an impressive year-on-year change of 109.5%. Other regions that have reaped substantial benefits from this remarkable transformation include Castilla-La Mancha (100.7%), Comunidad Valenciana (95.3%), and Castilla y León (85.6%). Nevertheless, Barcelona's resurgence shines as a testament to the enduring appeal of this captivating city.