Residential property sales in Costa del Sol and Spain continues to rise for 18 successive months

Residential property sales in Costa del Sol and Spain continues to rise for 18 successive months.

Property is on the up in the Costa del Sol and Spain.

The upward trend in Spain’s residential property sales extends to 18 months in a row as the most up to date data shows a noteworthy increase of 7.3% in residential property sales compared with the same month of 2014.

 The figures shown in the analysis report of the General Council of Notaries illustrate a year and a half of ceaseless growth in the housing market, meaning it is showing signs of a stable recovery.

An analysis of this data shows that the annual apartment sales have has had an increase by 6.2%, more than twofold the growth recorded in October 2015. The convincing rise in apartment sales can be traced back to an 8.3% surge in sales of free price apartments and also to a 12.2% rise in sales of second hand apartments.

The market for buying an individual investment family homes also enjoyed solid uptrend, up 11.4%, recording nine consecutive months of double figure growth. However, the downturn in new housing sales continued as prices dropped for a tenth month in a row, the decline rate in November being 18.6%.

Be that as it may, prices are still fluctuating. The average selling price of per square meter of homes saw a 1.1% year on year fall in prices, as prices dropped to €1,219 per square meter in November. A study suggests that apartment prices declined by 0.6% and the price of single family residences declined by 0.8%.

The data additionally demonstrates that the price per square metre of second hand flats dropped by 0.7% year on year to €1,320 but for new apartments it steeped by 5.9% to €1,666.

 Having experienced an annual increase of 7.3% in November, the total number of new mortgage loans is also on the rise, but when seasonally modified, this figure comes down to an annual increase of 2.4%, the minimum rate of increase in 18 months.

Concluding that buying property in the Costa del Sol and Spain continues its upward trend and recovering from the financial crisis that hit Spain in 2008.