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.
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| Its fantastic news for Spain and confirms the up trend in property |
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.
