Spanish Properties Selling At Fastest Rate For Five Years

Spanish Properties Selling At Fastest Rate For Five Years

Spain’s property market seems to be recovering, as evidenced by the 401,000 homes sold last year. These sales provided Spain with the most houses sold in a single year since 2010 and saw a growth in sales of just under 10% over last year.

Spain is back and properties are moving again

The Ministry of Development released figures last week showing that 401,281 transactions occurred last year. A huge 114,000 of those happened in the fourth and final quarter. This great performance at the end of the year suggests that the Spanish property sales should continue in to 2016 and lead to higher sales figures this year.

While this 400,000 figure isn’t as high as the peak that happened in 2006 when one million homes were sold, it’s still a good, strong step in the right direction. These figures are also more sustainable than the 2006 figures and represent the market returning to a good place.

Outside of the political uncertainty that Spain is going through there are still plenty of signs that this growth in the property market will continue in to 2016. Half of all the homes sold in 2006 were second-hand. During the last quarter of 2015 almost 88% of homes sold in Spain were resale property, showing that the property market is moving rather than being pushed by the construction boom.

There is still too much supply in Spain for property right now even after the period of 2007-2010 when most of the construction sites in Spain remained inactive. While this does suggest that there might be some unsellable new properties in the market, the demand for second hand home is as stable as the supply.

This does show that the property market is becoming healthier. Current signs show that the prices are set to steadily rise with interest growing at a sustained rate.

So the future for the Costa del Sol and why to buy property in Spain looks bright. Contact us today for all our latest offeres!