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| Spain continues to recover and sales are on the up |
A report collating data about Spanish home sales and value
has discovered that – during the first six months of the year – property sales
increased 47% over the previous year, while the value of homes in recorded
sales increased 55%.
The data in the report comes from the global real estate
firm Lucas Fox, which primarily operates in high-end markets. This is why the
average property price in their portfolio during the past six months reached as
high as €750,000, which is much higher than the Spanish average. Even so, it
does say a lot about the health of the Spanish real estate sector.
Home values in all price brackets increased steadily across
Spain 2017. Even so, this 55% increase for the top level of properties is much
higher than the rises seen in other parts of the country. The amount of homes
Lucas Fox sold also offers a positive look at the wider national trends of
Spain, with the country registering an increase in transactions for over 15
months in a row.
The data also analysed where the property buyers came from.
The number of British buyers dropped 10% over last year – likely do to the
impact of Brexit on the pound against the Euro. On the other hand, buyers from
the US and Canada made up 10% of the property purchases in Spain. 32% of the
Spanish properties sold were purchased to be either a second home or an
investment. 23% of the properties sold were sold as a primary residence.
Lucas Fox co-founder Alexander Vaughn says that the Spanish economy is one of the fastest growing ones in the Eurozone. This is bringing a
lot of confidence to the property market. There’s been more interest from
property investors who now feel that Spanish real estate has a lot of potential
for capital gains and profitability from rentals. Lucas Fox expects the price
recovery being observed now in cities will soon spread to the rest of the
country.
Agents from Lucas Fox said that they saw a 150% increase in
Marbella property sales, with 80% of the increase coming from Scandinavian
buyers.
