At what point do trends become the norm? We expect the answer is about “nine straight months of increases in sales” for the Spanishproperty market.
This is exactly what happened in Spain. The latest data from the Spanish National Statistics Institute (INE) shows that property sales during October 2016 were 6.5% higher than October 2015; making October the ninth consecutive month that property sales were higher than the same month the previous year.
The only month to buck the trend was January, where there was no difference between 2015 and 2016. Even so the year-to-date sales show that property sales have increased 13.9% over last year, with an excess of 340,000 properties bought and sold.
October alone saw 29,369 of these sales, adding to the picture of the past 12 months showing a 12% increase over the last 12 month period between October 2014 and 2015. The data from the INE shows 397,000Spanish properties changed hands in the past year, which is higher than it has been in over five years.
From a regional standpoint the growth was driven by the usual suspects including Andalucía, the Balearics, and the Communidad Valencia making up the bulk of these sales. An interesting point is that the remote region of Asturias was where the highest percentage increase was seen with an increase of 21% in home sales between October 2015 and October 2016.
Brits are still a big part of the market, making up 28% of the second-home sales in the Costa del Sol during the third quarter of 2016, according to data obtained by the Association of Spanish Land Registrars, although demand was down a little from the second quarter following the drop in the pound.
Even so the British buyer is still the largest nationality but there is an increase in demand from German, Swedish, Belgian and French buyers according to the data.