Spain's property market is showing marked improvements

According to Spain's National Statistics bureau, the property market grew by 14% in 2016.

MARBELLA, MALAGA, SPAIN, April 25, 2017 /EINPresswire.com/ -- With over 300 days of sunshine per year and bright blue skies that stretch through summer, autumn, winter and spring, the reasons so many people opt to exchange the icy winds of the North for the warm Mediterranean breeze in Southern Spain are numbered and varied; but following one of the worst economic crises the Spanish had the misfortune of experiencing when the property bubble burst in 2007, some very favourable market conditions are currently creating an opportune moment to invest in the Spanish property market.

According to Spain's National Statistics bureau, the Spanish property market grew by 14% in 2016, the biggest increase in sales of homes since the run up to the last real estate boom. There were 362,182 home sales recorded on the Spanish property register in 2016, up 14% year on year and 7% month on month.

Mark Stücklin, property expert at SpanishPropertyInsight.com pointed out that the market has now expanded for the last three years after bottoming out in 2013 and seen two years in a row of double digit annual growth. “That was a huge improvement after almost a decade of double-digit declines. Last year was the year that new home sales declines petered out. I expect new home sales will increase next year for the first time in more than a decade,” Stucklin said in a statement.

Amidst continuous improvement in economic conditions and an increase in consumer confidence and foreign demand, with foreign buyers now accounting for 1 in 5 house sales in Spain, house prices have not only stabilised in most regions, particularly in Barcelona, Madrid and popular coastal areas such as the Costa del Sol, but are also registering healthy increases. Most reputable registrars have reported an average 5.7 per cent rise in Spanish property prices in 2016, continuing on a steady trajectory of improvement and growth that has been seen over the last three years.

Further, property sales transactions increased in 14 of Spain’s 17 regions in the final quarter of 2016, a clear spike in investor demand which will further aid a rise in property prices over the coming years.

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Emma Jones
Domus Venari
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