Property Sales in Spain Reach Second-Highest For Five Years During Third Quarter
|The Costa del Sol and Spain continue its property recovery|
When compared to the third quarter of 2015 there were 11.1% more homes sold in the third quarter of 2016 as the property market became more active during 2016.
The third quarter was also up 4.4% over the second quarter of 2016 and showed the trend of each quarter being stronger than the last has continued since it began in 2010.
When you look at the 12 months leading to September there were 394,000 homes sold in Spain overall. This is an increase of 13.2% over the previous 12 months. 2015 itself was also a continuation of the growth the market saw in 2014, which is when the property market began to recover from years of contraction.
To look back even further shows that the amount of homes sold throughout Spain in the third quarter is the second-best quarter for five years; beaten out only by the fourth quarter of 2011 in which there was a mass fire sale of distressed properties.
Many experts expect that this upward trend will continue on into 2017 and the years after; thanks to the economic recovery of Spain and the consistent appeal the country has for being a premier destination for going on holiday and purchasing property to the people of Europe and the world as a whole.
Not everyone was feeling the positivity however as the data showed that the average price for property sold in the third quarter was 1.4% the average price from the second quarter.
Experts explained away the shrinking average price – prices in Spain have been increasing for around 18 months now – saying that it was mostly due to a shrinking number of new build homes being sold. New build homes are usually more expensive than a resale home and so they can provide the average sale price with a healthy boost.
The data from the registrar shows that only 17.1% of the homes sold in the third quarter were new builds, which was down from the 21% from the quarter before.
Even though there was a small fall in the average property price your average home in Spain is still being sold for around 3.3% more than it was this time in 2015.