Thursday 2 March 2017

It’s Confirmed; Spanish Property Market grew 13.6% in 2016

It’s Confirmed; Spanish Property Market grew 13.6% in 2016

As new data came in each month during 2016, it seemed to be painting an incredible picture; the likes of which one might expect to find in the Louvre. As each month passed, the news continued to get better, so it’s not surprising at all that the data from the end of the year, published just last week by the central statistics unit, showed that the property market in Spain grew 13.6%in 2016.

Its fantastic news for Spain and confirms the up trend in property
This impressive figure is based on the transaction data from all 17 autonomous regions in Spain; showing that 403,866 homes changed hands in 2016.

As if being 13.6% higher than in 2015 wasn’t impressive enough, this figure also represented a 26.7% increase over 2014.

One of the most significant figures, however, was that there was a sales increase in each of the autonomous regions in Spain. Some flew high, and some only climbed a little, but this still represents a 100% positive trend, which is definitely good news for the real estate industry in 2017, and the Spanish economy as a whole.

The Balaerics saw the largest year-on-year growth in property sales, registering an increase in transactions of 31% in 2016 over 2015. Great performances were also seen in Catalunya, Asturias, Málaga, and Extremadura.

On top of this, an increase in sales volume was reported for 23 of the past 24 months, which would suggest the trend will continue into 2017 and potentially even 2018.

Something else that was interesting about the data was that analysis shows a majority of the sales were resale's property; as only 18.6% of the homes sold in 2016 were new builds. This marks the third year in a row with falling new home sales, which suggests that there could be a drop in supply of new home builds; great news for the construction industry in Spain.