Spanish Property Sales Expected to Go Up 10%
People are beginning to buy property overseas again in the Costa del Sol and, as
usual, Spain has found itself one of the most popular choices.
2015 proved to be a strong year for the Spanish property
market and it’s being predicted that 2016 will be even better.
 |
| Property for sale in the Costa del Sol is defiantly on the up |
It’s expected that more than 440,000 Spanish properties
could change hands in 2016. This is according to data from KPMG, one of the leading
analysts. A seminar was held last week in which experts gathered to discuss the
potential of the Spanish property market. They agreed that the property sector
could grow between 10% and 12% in 2016. Overall the market is expected to make
over €20 billion.
Transactions in 2015 came to a total of €18 billion and,
according to KPMG’s Amparo solis, 2016 will see €2 billion more generated.
Spanish property prices are still low but they are rising.
As such 2016 could be a very lucrative year for the Spanish property market,
according to Deloitte’s Alberto Valis. Alberto believes that the low interest
rates in Spain will spur on the market even more.
Roughly 60% of the property sales in 2015 were funded
through mortgages, a sign that Spain has a lot of cash-rich buyers. It’s
expected that more homes for sale in the costa del sol and spain will be funded by mortgages this year. This is a good
thing too as it suggests buyers on average incomes are able to jump on the
property ladder.
It was also accepted that the economic growth that Spain is seeing
in general is also part of the reason behind the growth of the property sector,
along with the decline in unemployment figures.
PwC’s Jaime Bergaz says that so far 2016 has seen almost
€14.5 billion worth of property change hands, and that the average value per
sale has gone up. This is in spite of the current political problems Spain is
facing and the uncertainty caused by a potential Brexit coming in July.
