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House sales rise for the first time in 4 years

The first good news from the Spanish property market in 4 years. According to the Spanish property register there were 445,885 house sales last year, an increase of 5.38pc on 2009.

The increase may have been driven by the elimination of mortgage tax relief at the start of this year, and the increase in VAT on new home sales mid-way through last year. HOwever interest is rapidly increasesing in popular areas and bargain properties continue to be snapped up.

According to the registry figures, sales in Q4, at 93,003 transactions, were down 1.85pc on the same period last year, suggesting the market has yet to find the legs for a sustained recovery.

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