Thursday, 19 April 2018

Spanish Minister Tells British Expats they are More than Welcome to Stay in Spain

No one fully knows yet, but Spain needs the brits
and will be allowed to stay in Spain

Spanish Minister Tells British Expats they are More than Welcome to Stay in Spain

It seems like the fearmongering headlines about Brexit and the potential fallout have all but vanished recently, but there are still many people who are left with unanswered questions and a lot of worrying “what if?” questions. 
While a complete 100% answer about what Brexit means for EUcitizens and Brits alike, the politicians who are going to be involved in those decisions are saying positive things at the very least.

This includes Spanish Foreign Minister Alfonso Dastis, who told The Andrew Marr Show on BBC1 that even if the UK is unable to secure a deal on Brexit when leaving the EU, the British people in Spain would be allowed to remain where they are.

Brussels and the British government have been locked in an impasse that is a reflection of the political problems the two have been dealing with since the result of the referendum last summer. The “divorce” negotiations are so complex and complicated that there has yet to be a single cause that British PM Theresa May appears to be protecting above all others. Free trade appears to be important, but there are problems with that. This is also the case with free movement of people, which is only becoming a more heated discussion with immigration fears.

Prime Minister May has at least made some concessions for EU citizens living in the UK and says their situation won’t change, and these words were mirrored by Dastis when he said that he hopes there will be a deal and that – should no deal arise – the Spanish government will endeavour to ensure the lives of British people living there are not disrupted.

Dastis added that there is a very close social and economic relationship between Spain and Britain. Spain welcomes over 17 million Brits a year and a lot of them go to the country to live and retire, and Spain wants to continue this relationship as much as they can.

Spain has become the popular choice for Brits living in theEU. The official statistics from the UK show there are 308,805 Brits currently living in Spain, but the real number is estimated to be at least twice this. Around a third of the Brits living in Spain are over 65 years old according to this same source, and that the proportion of retirement-age expats is growing.

Tuesday, 17 April 2018

Spanish Expats in UK Contribute £802 million to British Economy

Expats continue to fund the economy 
Spanish Expats in UK Contribute £802 million to British Economy

The never-ending love affair between the UK and Spain – outside of the occasional spat over Gibraltar – should be a reminder to everyone who wants to spread the idea that Europe is divided that even countries that are as “different” as these two countries have a lot of respect, admiration and love for each other.

Brits are in love with the climate, beaches, hospitality, and traditional foods and wines of Spain. Spain, on the other hand, loves the culture, history, fairness, liberal economic and working conditions and the food and beer of the UK. 

While there are certainly more Brits living in Spain than the other way around, the gap started to close with thousands of young Spaniards moving to Britain to escape the recession and find work. 

Some of those Spaniards are moving back home now the economy in Spain is improving, but data from the HMRC in the UK has shown there are still many Spaniards living in Britain and they are proving to be great for the country. 

The data showed that Spaniards contributed £802 million in taxes in 2014 while claiming only £62 million in benefits. This gave the UK economy a major net benefit and puts the Spanish in sixth place in the list of the top ten countries contributing taxes to Britain. 

France comes top of the list, with French residents paying a whopping £2.3 billion in taxes during 2014, putting them ahead of the Polish, who contributed £2.2 billion. As close as these figures are the net benefit of French expats is much higher than the Poles with a ratio of 25.6 compared to 2.4 for the Poles. This shows that Polish immigrants are more likely to claim benefits compared to French immigrants. 

Spaniards provide a net benefit ratio of 12.9 which makes them one of the best contributors to the British economy according to the HMRC data.

Monday, 16 April 2018

Great News for the Spanish Economy; Unemployment Falls by 180,000

Great News for the Spanish Economy; Unemployment Falls by 180,000

Jobs continue to be created 
Over 182,000 jobs were created in Spain during the third quarter of last year between July 1st and September 30th, bringing down the percentage of unemployed people to 4.66% and bringing the total number of unemployed people to 3.73 million; the lowest figure since 2008.

The third quarter has always been the strongest time for job creation in the country as it includes the busy summer period where plenty of seasonal jobs are created. However, when viewed over a long period of time the trend becomes very encouraging; the third quarter has been a booster for Spanish employment figures for five years running now, and the performance last year follows a strong second quarter that saw Spanish total unemployment drop below four million for the first time since 2009.

The data comes from the Active Population Survey (EPA) published by the government. The EPA registers not just unemployed people that report to their local employment office, but also the jobless people that aren’t registered for whatever reason. This means that the figures in the EPA are higher than other sources.

Even so, the data shows that the unemployment rate for Spain has fallen to 16.38%, which is about 2.5% lower than last year and continues the positive trend of an increase in job security, growth and financial stability of households and businesses.

Friday, 13 April 2018

Three Reminders of What Makes the Costa del Sol so Special

Costadelsol continues to break ts own records
Three Reminders of What Makes the Costa del Sol so Special

It’s been shown by recent news events that the 17 autonomous regions of Spain are proud of their heritage and identity and rightly so, including their cuisine, language, culture, and history.

Despite all this, one of the most famous spots in all of Spain isn’t one of the autonomous regions. It’s the “Costa del Sol”, which is loosely defined as a slice of the eastern coastline of southern Spain. Most of the area comes under the jurisdiction of the province of Malaga, but if you asked someone in a region like Manilva if they consider themselves to be in Malaga and they would say no.

The entirety of the Costa del Sol does fall within the autonomous region of Andalucía, which does give the region some uniformity when it comes to their terrain, climate, and cuisine.

The unique strengths of the Costa del Sol are most apparent when you break it down even further and go to the regional level. Here are three reminders of what makes the Costa del Sol so special…

It’s Truly International

The Costa del Sol is home to the Malaga airport, which makes it easy for people all over the world to make their way to the region. This makes the area more international than anywhere else in Andalucía and puts it on a level even higher than that of Seville. The Costa del Sol is perhaps the most international region in all of Spain with the exception of Barcelona, Ibiza, and Madrid.

This means that the region is home to the finest bars, restaurants, fashions, and trends. Marbella is still the home of the international jet set; Fuengirola is still at the forefront of mass tourism, and Puerto Banus is still the destination of celebrities, movie stars, footballers, and multi-millionaires alike. 

There’s More Variety Than you Think

For all the he hotel complexes with pools, restaurants, and family entertainment options hugging the Costa del Sol coastline, there’s plenty of charming villages that provide visitors with a real taste for traditional Spanish life.

For all the expat enclaves complete with pubs, plumbers, football teams, electricians, cafes, and schools built for Brits, there are similar places that have a Scandinavian feel to them, not to mention the places with German flavours and the growing influence of Asia. Even so, the Costa del Sol as a whole remains strictly Spanish. There are cobbled streets with Andalusians that have been there for generations even in Marbella. It’s this variety that makes the area so fascinating. 

It’s Beautiful

Not much can prepare someone for the sights and sounds that will be waiting them on a Friday night on a Friday night in summer along the Puerto Banus second line. Stag and hen parties alike filling the air, stylish Swedes walking the streets, a mixture of American, British, Irish, German, and Spanish people mingling and enjoying themselves. The Costa del Sol is a place where anyone can come together and party the night away for a few weeks out of the year, which is what it is most known for.

There’s still so much more to the region though. Don’t forget the beaches which come in rural and packed. The resorts which can be as cheap or expensive as you need them to be. A wide choice of properties matching every taste and budget waiting for a buyer. Then there is the terrain, which can go from an urbanised beach to the wilderness of the mountains in a matter of miles.

The Costa del Sol really does offer something for everyone.

Wednesday, 11 April 2018

Spanish Mortgage Approval Rates hit Seven-Year High

Mortgages are on the up and banks start to lend more.

Spanish Mortgage Approval Rates hit Seven-Year High

Some 26,583 mortgages were approved in Spain during August, making it the highest monthly figure since 2010, not to mention a massive increase of 29.1% compared to the same month last year. 

The continued upward trajectory of Spanish real estate has been made clear by a range of data released over the year. Whether it’s the number of transactions, or prices, or regional growth and overall outlook, the Spanish real estate market is in good health and only growing.

This recent data, which comes from statistics released by the Spanish central statistics unit, is perhaps the most accurate reflection of how things are right now. The numbers tell us that the peak of summer is when the most homes are bought, and the economic data shows that more and more Spaniards feel financially secure enough to begin climbing the property ladder.

The figure is naturally topped up by buyers from Britain, Sweden, Ireland, Germany, and other countries. This is shown by the fact that Andalucía, home of the illustrious Costa del Sol, saw the highest annual increase in August mortgage approvals. 50.2% more mortgages were approved in Andalucía compared to August of last year.

The average mortgage amount is also increasing, albeit not as sharply as mortgage approvals. The average mortgage amount has increased a minor 0.7% to €111,488, which is still encouraging despite being lower than the average increase in property prices. It shows that banks are once again feeling confident enough to lend money.

When taken as year-to-date statistics, the first eight months of 2017 saw over 210,000 mortgages approved, which is an increase of 12.85% over the same period of 2016. When looked at in terms of the past 12 months, the increase becomes 12.1% with 306,000 mortgages approved in Spain between August 2016 and August 2017.

Tuesday, 10 April 2018

Market Analyst PwC Says Conditions for Investing in Spanish Property are “Perfect”

Market Analyst PwC Says Conditions for Investing in Spanish Property are “Perfect”
Spain continues to be a fantastic long
term investment

The financial analyst firm PwC recently published a positive assessment of the Spanish property market, saying that the sector was “perfect” for investment in 2018. The report, titled Tendencies in the European Property Market in 2018, looked at leading property markets in the continent, assessing past performance and potential futures.

PwC believe that 2018 will be as strong as 2017 for the Spanish property market, with both sales numbers and average prices expected to increase. An interesting part of the report is the correlation between the health of the European economy and Spanish property. As European countries get stronger financially and have better job security, the Spanish real estate sector improves.

These parallels may be obvious but they aren’t always clearly defined by historically cautious analysts. Because of how foreign homebuyers affect the Spanish property sector, the more confident and rich Europeans are the better it is for Spain. 

Conditions in the country itself also make investing in Spanish property attractive for both domestic and foreign investors. Prices are expected to increase between 4-6% during 2018 and this kind of growth is ideal. It balances out returns on investment without increasing so much that it scares financial markets and banks. 

When you consider that Spanish property prices are still around a third lower than they were at the peak of 2007 and it’s obvious that Spain guarantees value for money when it comes to property.

The report was also impressed by how Spain is able to maintain interest in the recovery of their property market. Values and sales have been growing steadily for the past three years now, and PwC were pleased by this stability. This is why they concluded that Spanish investment conditions are “perfect”, which is high praise.

Monday, 9 April 2018

British Holidaymakers Spent an Average of €48 Million per Day in Spain Last Year

British Holidaymakers Spent an Average of €48 Million per Day in Spain Last Year

Brits continue to flock to the Costa del sol 

Everyone knows that Brits love heading to Spain when they’re choosing a destination in the sun. It seems the Brits weren’t content with just being the main property investors and tourist group for Spain in 2017, as they were also – sort of – the biggest spenders.

As a collective British holidaymakers were spending an average of €48 million a day in Spain, which works out at around €2 million EACH HOUR. All in all, this figure accounts for 20.1% of all tourist spending in the country in 2017. Tourism spending reached a total of €86.82 billion in Spain, with Brits spending around €17.42 billion of that.

German tourists were barely spending more than Brits pre head, but their overall €12.2 billion spent in Spain puts them below the British. The reason for this was that there were more Brits than Germans in Spain 2017, with around 18.78 million Brits and 11.89 million Germans visiting.

French and Scandinavian tourists threw another €7 billion each into the Spanish economy last year, leading to tourism accounting for 11% of the GDP for the country; meaning tourism is one of the most important industries in Spain. 

The data comes to us from the Ministry of Tourism in Spain and shows just how important it is that Spain continues attracting city breakers, sun-seekers, hikers, golfers, and culture vultures to their shores.

Overall, a total of over 81 million people visited Spain during 2017, representing an annual increase of 8.6%.

Friday, 6 April 2018

Data Shows January Spanish Home Values up 3.6%

2018 is a perfect time to buy costa del sol property
Data Shows January Spanish Home Values up 3.6%

Statistics published by Spanish property valuation firm Tinsa this week show the average home in Spain was worth around 3.6% more at the end of January 2018 compared to January 2017. 

With the increase of between 5-6% in 2017 – depending on the metric – signs are strong that 2018 will be another positive year for Spanish property. 

The data from Tinsa highlighted not just the nationwide average increase of 3.6% but also different regional variances. The data showed that property prices were up over 5% in the larger cities and provincial capitals of Spain during January, with an increase of around 4.1% across the Balearic and Canary islands.

Average prices increased around 3% for most of the Mediterranean coast, which is just below the national average. This is a reflection of the fact that demand for coastal properties is generally at its lowest in the winter months. Tinsa believes that home prices across the Mediterranean will reach above the national average as the summer sets in. 

An interesting note is that while the data from Tinsa doesn’t reveal the average selling price of Spanish homes for January, it does say that home values have reached the averages of June 2013, which was a time when the market faced a number of price corrections. 

Things were moving downwards back then while they are moving upwards today, and substantially at that. Home sales are increasing by an encouraging amount; 11-15% over the past few years. The average mortgage loan amount is also steadily increasing.

Thursday, 5 April 2018

New Estepona Apartments offer Luxury Urban Living By the Sea on the Costa del Sol

Infinity right in the heart of the city

New Estepona Apartments offer Luxury Urban Living By the Sea on the Costa del Sol 

It was just last week when Residencial Infinity – the latest Developmental – was announced. Demand and interest is already through the roof though and units are being sold at a rapid rate.

Top quality development, contact us for more details

Residencial Infinity Offers an Incredible Location on the Main Avenue of Estepona’s Town Centre

Estepona – situated around 20 minutes west of Marbella – is among the top seaside resorts along the Costa del Sol and Residencial Infinity is in the town centre. This means that those living in Residencial Infinity are never very far away from the services and amenities they need. The stunning Blue Flag-award-winning La Rada Beach is just four minutes away on foot too.

Residencial Infinity Offers Signature Contemporary Design

This is one of the most idyllic locations you can find. The Residencial Infinity building houses 112 luxury 2-and-3-bed apartments with ultra modern designs. Each apartment has a private terrace and tenants can enjoy underground parking and storage.

Residencial Infinity Offers High Quality Fixtures and Fittings

The apartments are spacious, filled with natural light, and boast high quality fixtures and fittings. They are complemented with exclusive onsite communal facilities such as the rooftop solarium – complete with infinity pool, sunbathing deck, and incredible views of the nearby ocean – along with a gym, green zones, sauna, bicycle room, play area for children, and so much more.

The building licence has been secured and the project is set to be completed by the first quarter of 2020. The best part is that prices start out at just €229,950. Check out the project for yourself here! Contact us today and we will send you everything.

Wednesday, 4 April 2018

2017 Sees Nine-Year High in Spanish Property Sales

Southern Spain is truly back.. 
2017 Sees Nine-Year High in Spanish Property Sales

The National Institute of Statistics in Spain (INE) has published the latest provisional residential property sales figures for 2017 which show last year saw a nine-year high for total property transactions. 

This means that 2017 has become the most significant year for the Spanish property market since 2008, which was when the bubble burst and the crash began, leaving the real estate industry in a state that it has taken years to recover from.

Signs have been suggesting that the property market in Spain has been recovering since 2013, but this latest data marks the first time that the market has reached pre-crash conditions. Property sales figures increased across all 17 autonomous regions of Spain, and the 14.6% nationwide increase over 2016 sales figures left the total figure at 464,423 homes sold in 2017. 

This is in stark contrast to the 312,000 homes changing hands in Spain during 2012, which was when sales started bottoming out at the height of the recession. 2017 ended on a positive note as well, as the 32,211 transactions recorded for last December was an increase of 9.2% over December of 2016. It’s also around twice the notary data published recently that estimated sales would increase 4.5% in December. 

The fastest-growing region of Spain last year was Castilla-La Mancha, which saw an impressive increase in property sales of 24.7% compared to 2016. This is an area that doesn’t usually bring in foreign buyers, suggesting that a large part of the uptick in the Spanish real estate sector is caused by domestic recovery. 

Foreign buyers still remain an important part of Spanish real estate though, accounting for around 15% of home buying activity in 2017. Of this, Brits were responsible for around a fifth of all sales to foreign investors.

Tuesday, 3 April 2018

Ryanair to Open 29 New Routes to Spain this Winter

More great news for Spain
Ryanair to Open 29 New Routes to Spain this Winter

Irish budget airline Ryanair is set to add 29 extra routes to Spain, leaving them with over 500 routes to and from Spain.

Spain remains a popular destination for spending the summer in the sun and this popularity will only increase with the news that Ryanair are set to open 29 new routes to Spain this year. This will bring Ryanair up to 500 routes, and comes at the perfect time as Spanish tourism is flying quite high as it is. 

Ryanair chief Michael O’Leary explained the reasoning behind the increase in routes, saying that Spain was one of the most important markets for the airline. He explained that around 27% of Ryanair’s traffic is related to Spain, which is no doubt important to the company. 

Key highlights of the additions include extra flights between Seville and Edinburgh, Bristol, Rabat and Tangier in Morocco, and Venice. The extra connections to Barcelona will see flights to Burgundy in France and Palermo in Italy, while Palma de Majorca is set to welcome flights from Milan, Rome, and Dusseldorf. 

Alicante is set to offer a connection to Newquay in England, Gdansk in Poland, and Bologna in Italy, along with domestic flights to Seville. 

Ryanair will be operating flights in 26 Spanish airports after the expansion, handling over 41 million passengers each year, which is a major share of the overall tourism market of Spain. 

Spain registered a massive increase in low-cost air traffic to the country with a 13.7% increase.

Tuesday, 16 January 2018

Holiday Price Rise Next Year According to Thomas Cook

Spanish Popularity My Lead to 5% Holiday Price Rise Next Year According to Thomas Cook
Malaga airport has broken all records again for
tourists visiting the Costa Del Sol 

Leading travel agent Thomas Cook told British holidaymakers that the average trip to Spain in 2018 will cost around 5-10% more than it did compared to last year because of the increased demand and the pound being weaker.

As British, Irish, and Scandinavian holidaymakers begin to forgo other areas of the Mediterranean due to the threat of terrorism, Spain has seen record numbers of visitors. The official data shows that 2017 was the best year ever for Spanish tourism. This increase in demand also means that supply may have trouble keeping up however. This is why Thomas Cook believes holidays may be up to 10% more expensive in 2018.

Thomas Cook remarked that there was evidence holidaymakers will continue to snub Egypt and Turkey – despite the resorts in those countries being cheaper than Spanish resorts. Safety will always win over affordability, according to the travel agent. While the pound may weaken against the euro even more next year, the amount of British visitors going to Spain in 2018 isn’t likely to change, according to Thomas Cook Chief Executive Peter Fankhauser.

The executive also added that Spanish hoteliers are to take advantage of the unique position Spain is in by increasing their prices, but did add that many of them would use the additional profits to improve their facilities and expand upon them to guarantee long-term gains over short-term profits.

Monday, 15 January 2018

Monthly Sales Figures for Spanish Property Top 40,000

Monthly Sales Figures for Spanish Property Top 40,000
The Costa Del Sols continues to grow in property
valuation which is great news 

An analysis of Spanish property sales data by market valuation and appraisal firm Tinsa shows that transactions have stayed steady around the 40,000 mark for the last few months. The performance suggests that the Spanish property market is entering the next phase of growth; a sustained, steady, and encouraging stage of growth that comes after the rapid increases in property purchases found when markets initially recover.

The analysis from Tinsa runs up to the end of July, when 38,841 Spanish properties were sold. This represents a 16.8% increase over July of last year and also means that – taken as being the end of a 12-motnh period – property sales were at their highest level for over six years, reaching a total of 437,000.

All 17 of the autonomous Spanish communities recorded increases in sales, with Tinsa forecasting that there could be half a millionsales recorded in 2017 – which would be the largest figure for a decade. If this was to happen though, it would mean monthly sales averaged 44,000, which sounds a little too optimistic for the current market.

Even so, with sales figures growing steadily and the robust economy, the Spanish property market can be confident about the 2018 ahead of them.

Friday, 12 January 2018

Spanish Second Home Market Redefines Itself

Spanish Second Home Market Redefines Itself
Costa del sol continues to lead the way in property sales and rentals
There’s no such thing as a “typical” overseas buyer when it comes to Spanish property. For every millionaire looking for property in La Zagaleta, there’s the average Joe that has worked hard to finally invest in an overseas property.

However, it’s well known statistics can be manipulated to tell any story, which is what happened with real estate portal Donpiso. The results are interesting to say the least.

The data shows that an average holiday home in Spain costs €200,000, is o the or near the coast, and is purchased by couples between 35 and 49 years old, with children and a regular monthly income of at least €3,500.

The cheapest coastal region in Spain to purchase property is Murcia, where the average holiday home costs just €150,000. The figure increases as you move across the Costa Dorada. Costa Brava and Costa Blanca with those buying second homes on the Costa del Sol spending an average of €350,000.

It’s true that you really can do anything with statistics. Even though house prices do rise on the Costa del Sol faster than anywhere else since the beginning of the recovery, €350,000 is still higher than the average price one would be paying for a home in the area.

The figure is skewed as Marbella is where the most expensive postcode in the country is found, along with many exclusive neighbourhoods and urbanisations packed with luxury homes. In the more affordable areas of the region, buyers can get a property for the bargain price of around €200,000.

Other trends related to dates show that the summer is the busiest time for buying holiday homes, while demand cools off during the run up to the Christmas holidays.

Another study from Marbella Property Group praised the Spanish property sector, stating that the industry has undergone a major transformation as of late with higher employment levels, an increase in disposable income, and a rise in consumer confidence boosting housing demand, along with the 20.2% increase in mortgage lending in March of 2017 compared to last year.

Thursday, 11 January 2018

Summer Road Deaths Fall 12% in Spain

Summer Road Deaths Fall 12% in Spain

Spanish drivers are taking less risks and accidents are down
31% less people died on Spanish roads over the summer of 2017 compared to 2016, which is encouraging. 

Driving through Spain is an incredible experience because of the stunning scenery and pleasant climate, not to mention the long winding roads across the most incredible and cliff-hugging terrain around.

Spanish driving habits are considered to be a reflection of the general psyche of the country. If we could describe British drivers as being patient and polite but prone to the occasional outburst of road rage, then it may be fair to say that Spanish drivers are passionate about driving and not afraid to show their emotions.

The reality is that everywhere has good and bad drivers of course, and this includes Spain. As Spain has modernised their road network through EU money, and cars are made safer with German and Japanese engineering, Spanish road deaths are drastically decreasing.

The latest data from the Directorate General of Traffic (DGT) in Spain shows road deaths in summer dropped 12% compared to the same time period in 2016 – which shows that Spanish roads are becoming safer than ever before. 

The data shows that 224 road deaths occurred in July and August in 2017, which is 31 less than in 2016 across the same time period. While the figure remains high compared to the rest of the EU (where Germany, the UK, and Denmark have the safest roads statistically) it is a great improvement over the space of one year, especially given that the amount of trips taken in the country across the summer increased 3% to 87.6 million. 

In regional terms, much of central and northern Spain saw less fatalities, along with the Balearic Islands.

Andalucía recorded a total of 38 road deaths in the summer, which was an increase from the 35 last year. The region remains popular with holidaymakers from across the world, most of whom are behind the wheel as soon as they leave the airport. This means that it is difficult for authorities to control road deaths and bring them to acceptable levels.

This can also be said of Catalonia, where the perpetual popularity of Barcelona goes somewhat towards explaining why 15 more road deaths occurred during this summer compared to last summer.

Friday, 5 January 2018

New Market Value Data Shows 4.3% Price Increase for Spanish Properties in October

Spain property prices continues to grow in value 
New Market Value Data Shows 4.3% Price Increase for Spanish Properties in October

The latest data from Spanish property valuation firm Tinsa has shown that the average Spanish property price in Spain increased 4.3% in October of 2017 compared to 2016.

The statistics are for the entire country, meaning there are some regional variations to take note of, particularly the increase of 6.4% in provincial capitals and large cities like Barcelona, Madrid, and Malaga.

An interesting thing to note is that properties close to the Mediterranean coast have only increased 0.9% in market value for October over last year. This is somewhat of a blunt measurement by Tinsa however as anyone who lives on the Costa del Sol can tell you that not every Mediterranean region and resort is created equal.

Costa del Sol properties tend to increase at a steadier pace than in other areas. There are less peaks, but there are also less troughs, meaning that Tinsa putting all Mediterranean regions into a single category is somewhat misleading.

With this said, this category has also seen a 4.3% increase in home values over the first ten years of the year over the same period of time last year. That gives a better picture of how the markets in the Mediterranean are doing.

The market value data from Tinsa was published with a snapshot of different market indicators. Other statistics show that mortgage approvals improved 13.2% leading to August over the same period last year; a 7.91% reduction in employment to date in 2017; and the rather encouraging statistic that property sales have increased 14.3% in 2017 up to August compared to the same period of 2016. 

Wednesday, 3 January 2018

Spanish Property Market Forecast 9.3% Growth in 2018

Spanish Property Market Forecast 9.3% Growth in 2018

Spanish Property continues its recovery 

It’s estimated that 526,000 properties will be sold in Spain during 2018 – an increase of 9.3% over the 481,000 home sales expected in 2017.

The anticipated growth will also bring in a nationwide average price increase of 6.1%, which is just under the 6.9% price increases from this year. Properties will still be affordable in 2018 however, as even with this anticipated 6.1% price increase average Spanish property prices will still be a good 27% below the peak from 2007.

The data comes from Anticipa, one of the leading real estate providers and analysts in Spain. The firm compared the projections for next year against the performance of last year – 2016 – and found home sales increased 21% between 2016 and 2018.

This is an impressive level of growth, especially when set against the crash in Spanish property less than a decade ago, not to mention the following economic problems Spain has had, including a recession.

The analysis for 2017 comes from the fourth quarter projection that home prices are set to increase 5% during the final three months of 2017.

What’s most exciting about the forecast is the calculation that over 520,000 homes will be sold next year. This would mark the first time that over half a million homes have been sold since 2008, which is nearly double the figure from 2013 when only 285,000 homes were sold. 

While the forecast for next year is still around 42% less than the record 900,000 homes sold in 2006, it’s built on a solid foundation unlike 2006 when the credit bubble was set to burst at any moment.