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.

Spanish Mortgages Hits Five Year High for January

Spanish Mortgages Hits Five Year High for January

The mortgage market is back and more and more are being approved

Recent data from the Spanish National Statistics Institute (INE) revealed 27,240 new mortgages were issued in January in Spain – making it the most issued in a single month since January of 2012.

The figure was also an increase of 16.9% over January of last year, giving credence to the prediction that 2017 could be even stronger for the Spanish property market than 2016 was.

The data from the INE shows that the average mortgage in January was worth €112,844, an annual increase of 6.4%. This figure also shows the increasing confidence of Spanish banks in the economy and property markets, as more banks than ever are loosening their purse strings.

It also shows that the average home buyer is in a better financial position, whether they be native or foreign. 36.8% of the mortgages issued in January were fixed-rate mortgages offered at the Euribor rate – a great option for young buyers with smaller deposits.

16 of the autonomous regions of the country saw year-on-year increases in mortgage activity during January. The only region that didn’t follow the trend was Castilla y León. Galicia, the Balearics, and Asturias saw the largest increases, with over 30% more mortgages issued in January 2017 than in the previous year.

If the previous 12 months were taken as a running total, the Spanish mortgage data shows an increase on the prior 12 months of 14.6%; with 285,000 mortgages issued in the past 12 months.

Andalucía Tourism Figures Grow 15% in January

Andalucía Tourism Figures Grow 15% in January

According to the latest data from the Spanish National Statistics Institute (INE), the number of overseas visitors heading to Andalucía – which, along with Malaga, comprises the provinces of Huelva, Cádiz, Sevilla, Jaén, Granada, Córoba, and Almeria – was up by a massive 15% in January of this year compared to the same period in 2016, while there was also an 11% increase in visits from Spanish nationals.

More records are broken again in Spain

Of all the 17 autonomous communities of Spain, Andalucía saw the largest increase by far, with a 7.7% increase in the Canary Islands, and a slight decrease of 1.8% for Catalonia. Andalucía welcomed over 13% of the 3.9million holidaymakers entering Spain from overseas in January. The Brits were the bulk of these tourists, with 25.2% of all tourists (521,116 visitors) coming from Britain, while 9.7% of the tourists were from Scandinavia.

As record-breaking as 2016 was, tourism professionals are confident that these numbers prove 2017 will be another landmark year for the country.

2017 Welcomes Four-Year-High for Spanish Property Sales in January

2017 Welcomes Four-Year-High for Spanish Property Sales in January

Spanish property continues to be buoyant

Not many people consider January to be the ideal time to do a bit of property hunting. It may be the month of January sales, but there’s a big difference between the high street and the Spanish property market.

With that said, official data from property registrars in Spain has shown 38,457 homes were sold during January in Spain, making it the single best January since 2013 and an overall increase of 18.1% compared to January of 2016.

The January property sales of this year are so strong that, if it wasn’t for the artificially created rush for demand of January 2013 (caused by upcoming changes to tax legislation) then it would be around a decade since the figures were this high.

On the regional level, the markets in Cantabria and the Balearics were the homes of the highest year-on-year growth, with growths of 45.1% and 40.5% respectively. An interesting statistic is that there was actually less demand for property in 2016 for the Canary Islands.

With such a strong start to the year, Spain is set to deliver a powerful performance on the property front during 2017. The figures from January are just one part of a larger trend showing how the 410,000 home sold in Spain over the past 12 months represent a stunning 15.6% increase over the past 12 months, with even more growth forecast for the next 12 months.

70% of Homes sold in Malaga Between January and July Sold to Foreign Buyers

 70% of Homes sold in Malaga Between January and July Sold to Foreign Buyers

Costa del Sol will always be in demand due to

location, lifestyle and the weather

People have known for a long time that the Costa del Sol has always been the main interest for foreign homebuyers and tourists looking at Spain. It’s the home of golden beaches, various resorts that fit all budgets and tastes, and the best and most affordable homes across Spain. Overall the Costa del Sol stands above, and beats out, the competition.

The providence of Malaga encompasses some of the biggest regions in Spain including the Costa del Sol, Nerja, Marbella, Estepona, and Malaga itself – which stands as a beautiful atmospheric city filled with culture and ancient wonder. There are also inland areas to Malaga so it’s no wonder that foreigners are always looking towards it.

Data released this week shows just how popular the property markets in Malaga truly are. The Notarie’s Assocation of Spain say that 70% of all the homes bought in Malaga between January and July were sold to foreign buyers.

To put it into actual numbers this accounts for 4,978 property transactions by non-Spaniards; an increase of 16.9% over the same time period in 2015. Across the whole of Andalucía, which includes Seville, Cádiz, Seville, and other provinces, there was an increase of 18.9% in foreign buyers in 12 months.

When taking domestic buyers into account there was a 10.1% increase in overall property sales in Andalucía between January and July compared to 2015. House prices were on the rise as well; an increase of 2.6% which is double the 1.3% national average.

Brits were responsible for a quarter all of the homes sold to foreign buyers in the Costa del Sol, further showcasing the love affair that Brits have with the Costa del Sol and Spain as a whole.