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Buying off plan property is back in demand as each
new development sells out very quickly
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et, there’s been an improvement in the new build sector across
recent months. The data from the Ministry of Development shows that, for the
first eleven months of last year, there were 32.5% more requests for building
permits than during this time period in 2015.
There were a total of over 59,999 building permits granted
in the first 11 months of 2016, which is the most granted in this amount of
time for over five years. It is a massive increase of 72% compared to the same
time period in 2014; just three years ago.
5,934 permits were granted in November alone – an increase
of 25% over 2015 and the most permits granted in a November since 2010.
The data would suggest that the recovery of the Spanish
housing market is pretty balanced; positive figures are being posted by both the resale and new build sectors.
What is most encouraging is the sustainable, stable growth
of the new build sector. Before the market crashed in 2008, Spanish property
was being constructed at lightning speeds. In just 2006, some 900,000 new homes
received building permission.
It was obvious that the rate of development was
unsustainable. It took the country over half a decade to work through the
incomplete, unsold, or just unsellable homes. These days things are looking
much better. There’s barely any oversupply left at all in the most popular
areas of Spain such as the Costa Brava, Costa del Sol, and the Balearic and
Canary Islands.
