|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.